Wills and Trusts Lawyer Bloomington IL – Queen Law Firm – Call 309-245-8080
A living trust is a document that can help you save money, shield your privacy and avoid the probate process. Fundamentally, a living trust provides instructions as to what happens to your property and assets when you pass away. Without a doubt, a living trust is a cornerstone of smart estate planning. It’s an effective, dependable way to ensure that your wishes will be carried out.
To gain an understanding of living trusts, it’s helpful to know the distinction between them and a will. A living trust is a legal document that enables placement of your assets into a trust. The assets are in the trust for your specific benefit while you’re alive. Upon your death, the assets transfer to the beneficiaries of your choosing by your representative. That representative is also known as successor trustee.
A will is also a legal, written document that involves distributing your assets after you die. An executor that you appoint in the will oversees this distribution. Note that nothing included within your will is to take effect until after your passing.
A living trust can offer some clear benefits in comparison to a will. Your situation might vary, but generally there are some advantages to setting up a trust. Here are a few issues to take into account.
-You can keep your assets out of probate with a living trust. This is certainly a key benefit to a living trust. Even when you create a valid will, your estate still goes through the probate process. It’s essentially a proceeding during which your executor distributes your assets.
Consult with a Wills and Trusts Lawyer Bloomington IL – Call 309-245-8080
A living trust, though, doesn’t go through the probate process. That typically means distribution of your assets to your beneficiaries will happen a lot faster. It could mean the difference of months or even years with a will down to a matter of weeks when you create a living trust.
The successor trustee you appoint will oversee payment of your debts and distribution of your assets. (According to your wishes.) Both a living trust and a will enable you to select a guardian to care for your children in the event of your passing.
-Save money with a living trust. Up front, the drafting of a living trust may cost more in comparison to a will. This is not surprising because a living trust is a more complicated document. Additionally, you’ll need to transfer assets like bank accounts, bonds and stocks to the trust. This requires doing some separate legal paperwork. Simply drafting a living trust will not fund the trust.
When it comes to saving on estate and income taxes, there’s usually no major difference between wills and living trusts. However, living trusts can offer savings for married spouses in the form of a joint living trust. Wills and Trusts Lawyer Bloomington IL
A living trust may not be beneficial for those with a simple estate plan or couples without children or substantial assets.
-Protect your privacy with a living trust. The degree of privacy is a key difference between a living trust and a will. A living trust isn’t made available for public information. Upon your passing, distribution of your estate occurs in private. On the other hand, a will is a matter of public record, which means the transactions are public too.
Queen Law Firm – Wills and Trusts Lawyer – Call 309-245-8080
Another distinction is the overseeing of out-of-state properties you may own when you die. According to a will, those properties must go through the probate process in those other states. With a living trust, you can avoid probate.
Another of the benefits to having a living trust is that your trustee can oversee your financial matters in the event you fall ill or become incapacitated.
If you only have a will that doesn’t include durable power of attorney, the court system simply appoints someone to manage your finances. That individual must report back to the court to get approval of certain expenses or to sell property, for instance. You can avoid this type of conservatorship by drafting a durable power of attorney, specifically for decisions regarding health care.
With a living trust, though, your successor trustee can oversee your financial affairs without intervention from the court. Because the living trust is a revocable document, you may keep control over your affairs if you dispute your incapacitation.
Although a living trust can be an ideal solution for some, a wills will suffice for others. A common guideline among tax professionals is that the need to have a living trust is greater when there are substantial assets. However, everyone’s situation is unique. Consult with a Wills and Trusts Lawyer Bloomington IL to learn more about creating a living trust and whether it’s right for you.
Creating a Will in the State of Illinois – Wills and Trusts Lawyer
When it comes to creating a will in the state of Illinois, there are certain requirements. Call our law offices for help creating a valid will or to make a change to an existing will. Consulting with a Wills and Trusts Lawyer Bloomington IL will help you gain a clear understanding of the process. Without question, creating a will is critical for planning how you want to distribute the assets within your estate. This commonly includes assets like real estate, cash and personal property. Illinois wills offer the opportunity to make sure that your spouse, your children and even your pets will be provided for after your passing. You can also decide to leave properties or other gifts to nonprofit organizations via your will.
Wills and Trusts Lawyer Bloomington IL – A living will is another type of legal document. It provides directives in the event you suffer illness or incapacitation and cannot make decisions in regards to medical care. A living will goes into effect while you are alive. A last will, on the other hand, only takes effect upon your death. The state of Illinois allows the creating of living wills through the Living Will Act.
There are multiple benefits to drafting a valid last will and testament in the state of Illinois. Among the most beneficial is that a will enables you to select the person you want to be executor of your estate. This is, naturally, very important because it’s the executor who is responsible for carrying out your wishes.
A will can provide you with peace of mind that comes with knowing that your assets will disperse according to your directions. An Illinois will also provide you with the change to make charitable gifts and establish a trust for your family.
Illinois state laws also permit the creation of a “pet trust” as a way of providing for animals after their owner dies. The trust ends when there are no longer any living animals covered by the pet trust. An Illinois will is an ideal way to ensure your pets will receive the care they need.
Another key benefit to drafting a Wills and Trusts Lawyer Bloomington IL is that it will enable you to name an individual to be guardian of your children. In the will, you’ll be able to describe the guardian’s responsibilities.
To create a will, living will or living trust, talk to a Wills and Trusts Lawyer Bloomington IL. We can help you create the documents you’ll need to ensure that distribution of your assets complies with your wishes.
Wills and Trusts Lawyer Bloomington IL – Call 309-245-8080