A good Wills & Trusts Attorney can ensure that you extend your intentions, values and priorities to family members after your death. They will also help you manage your assets to minimize tax burdens and preserve your wealth for future generations. They can also assist with preparing for incapacitation and make sure your health care wishes are documented through the use of a living will or durable power of attorney. They can even provide guidance with regard to retirement planning, philanthropic goals and other general lifestyle decisions.
The goal of estate planning is to give your loved ones peace of mind. A good Wills & Trusts Attorney will help to ease the stress and uncertainty that comes with death by putting a plan in place. The lawyer will review your assets, discuss the different trust options that may be suitable and work within your budget to create a plan that meets your needs.
There are many differences between a Will and a Trust. The most significant difference is that with a Will, your beneficiaries will inherit the property you wish to leave them. In order for beneficiaries to receive the assets allotted in a Will, the will must go through probate, a process whereby the court validates the document, the executor of the estate does inventory and pays off debts before distributing property to beneficiaries. Trusts, however, allow for distribution without going through the probate process, saving time and money and keeping personal matters private.
Our Wills & Trusts attorneys have extensive experience in creating various types of trusts to fit each client’s unique situation. We can also help clients with estate and gift taxes to maximize their tax savings. In addition, our attorneys have over 30 years of experience in drafting Wills and other legal documents. We understand the intricacies of New York and Illinois law relating to trusts, so we can help you avoid common mistakes and ensure that your estate plan is executed properly.
As your life evolves, it is important to update your Will and other documents as needed. We can draft valid codicils that address changes in your financial status, marital status, number of children, philanthropic interests and other lifestyle choices. We can also handle trust administration.
A good Wills & Trusts Attorney in Chicago will understand all aspects of the trust process and can help you create a plan that is tailored to your specific needs. They will also know the different kinds of trusts available in your state, how to set them up correctly and how to follow the trust through its administration to ensure that it adheres to your exact wishes. They can also assist with setting up a trust for the benefit of someone who is receiving public assistance, so that the funds cannot be used to disqualify them from those benefits. For more details, visit www.chicagoprobateattorneys.net/.