When preparing for the future, it’s important to hire the kind of attorney who will be compassionate, detailed, and communicates well, on top of being highly qualified and experienced. You want to protect your family and be sure that the assets you have acquired over a lifetime are protected and go to those you choose to bestow them on.
Most people assume it’s very easy to just pass things down from one person to another, and sometimes assumptions are made in families in regards to legal matters. However, it is easier to pass assets onto a spouse than it is for children or siblings. So if you want to pass on any part of your estate to anyone who is not your spouse, and you want them to get the most out of the trust, then a trust attorney will be able to explain to you what your options are. Only a trust attorney can assure you that the steps you are taking are the correct ones for you and what you want. They have years of experience preparing trusts and providing counsel to individuals.
What is probate?
Probate is the legal process in which a deceased person’s will is proved in the court of law. It is a court-supervised process for identifying, gathering, and distributing the deceased individual’s assets to their beneficiaries, as well as paying any debts or resolving any claims that were remaining. It is during probate court that a will is accepted as a public, valid public document and as the last testament of the deceased wishes
What is the difference between a living will and a living trust?
The two are very important documents that serve different purposes, but ultimately protect the assets that a person has been acquired over a lifetime. A will outlines end-of-life wishes, including what to do if you are ill or incapacitated, such as in a coma. A living will also outlines who the guardian of your children will be if you pass away while they are still minors.
Unlike a living will, a living trust is in effect while you are still alive. You have more control with trust because the trust document will have specific mandates that you set up that determine how and when assets in the trust can be distributed. Unlike a living will, a Revocable Living Trust does not become public record. A trust does not set your last wishes nor does it include what should happen to any children who are minors, but setting up a trust ensures that your valuables will be protected and distributed properly and that your family will not need to go through probate court to receive the assets bestowed upon them in the trust.
Why You Need A Trust Attorney
When you are writing a trust, the best thing to do is to have it reviewed by a trust attorney who can ensure that you are lowering your estate taxes. If your children are grown up and you do not need to name a guardian of a minor in your last wishes, then creating a trust rather than a will is a better idea. Also, if you want to dictate when your beneficiaries will receive their inheritances, then you will need to speak to a trust attorney, such as Trust Lawyer Lake County IL. Anytime you set up a legal document you will want it reviewed by a qualified and experienced attorney.