Finding a good Wills & Trusts attorney is a vital step in the estate planning process. A Wills & Trusts attorney can assist with a variety of important documents, including trusts, wills, power of attorneys, and advance directives. Our firm can work with you to create these documents, as well as update existing documents to reflect changes in your life and circumstances.
A Will is a legal document that allows you to name beneficiaries and give instructions on how your assets (such as property, stocks, bonds) should be distributed after death or in case of incapacitation. A Will can also provide guidance on how you would like your family members to care for your children and other dependents. A Will can also specify how you want to leave any heirlooms or sentimental objects that may be important to your family.
Upon your death, the assets in your estate will need to go through probate court before they can be distributed to your beneficiaries. This is a legal proceeding that involves the court reviewing your estate and following your stated wishes, or making decisions for you if you do not have a Will. This process can be costly and time consuming, and the details of your estate will be made public. Our team can help you to avoid these issues by establishing a trust, which can protect your privacy and bypass the probate process.
In addition to avoiding probate, a Wills & Trusts attorney can help you to minimize taxes. Our firm can help you to choose the right type of trust to use and to ensure that your beneficiaries receive the benefits you intend them to receive. A Trust can be either revocable or irrevocable, and we will help you to select the option that best suits your needs.
We can even help you to establish a living trust, which is an estate planning tool that allows you to transfer ownership of assets to a trustee during your lifetime, keeping your information private and allowing your trustee to manage those assets without involving the courts. A Living Trust can be a great option for many of our clients, especially those with significant assets or those who have a dependent with special needs.
We can also assist with providing for a dependent with special needs, by helping to draft the necessary legal documentation to protect your rights and interests. We recently worked with a client who had gone into critical condition in an assisted living facility, and was not able to make or express his own wishes. We were able to help him transfer his property, bank accounts and property deeds into an irrevocable trust so that his daughter was able to administer those assets for him. This avoided the expensive and lengthy probate process, and it protected his Medicaid eligibility. If you have a dependent with special needs, it is crucial to consult with a Wills & Trusts attorney early on in the process. Click here to contact the best wills and trusts attorney in Chicago.