Addison, IL Trusts Attorneys
Establish a Trust
Estate planning involves more than just preparing a will, it involves protecting yourself and your legacy. Trusts are very useful tools for transferring assets from one person to another and are an important part of a comprehensive estate plan. There are a number of different types of trusts each with specific characteristics that can serve a purpose within an estate plan.
- Irrevocable Trusts – These types of trusts cannot be changed or modified once they are created but can be a valuable planning tool.
- Revocable Trusts – These trusts, also called revocable living trusts, can be changed at any time during the grantor’s lifetime. These trusts typically become irrevocable upon the death of the grantor.
- Special Needs Trusts – This trust is designed to help maintain the comfort of someone who has qualified for government benefits. A special needs trust is established to provide the individual with additional items and comforts that are not provided by the governmental programs, while at the same time not disqualifying the individual from the governmental programs.
- Charitable Trusts – This type of trust is created in an estate plan to benefit certain charities upon the death of the grantor.
- IRA Trusts – These are a special type of trust that is the beneficiary of an IRA. There are certain reasons to use these trusts, and they require careful planning to ensure the grantor’s intended legal wishes are carried out.
- Asset Protection Trust
- Grantor Trust
- Gun Trust
- Land Trust
- Pet Trust
- Spendthrift Trust
- Testamentary Trust
Trusts can be created while you are alive or upon your death as specified by your will. They offer a number of legal benefits, and most notably, they allow assets to be transferred without going through the expensive and time-consuming probate process. In some cases, trusts can also help avoid costly estate taxes and gift taxes.
The basic principle of creating a will is fairly straightforward, but establishing and funding trusts can be a complex process. It is important to have the assistance of an experienced and knowledgeable trust attorney to ensure your trusts are properly set up and provide you and your loved ones the benefits that are intended from a specific trust administration. Our trust administration lawyers are skilled in drafting trust documents that create the type of legal protections you want and need. We tailor our estate planning advice to the specific needs of our clients, and we can help you determine if using a trust in your estate plan is the right legal choice for you.
To learn more about estate planning trusts, call us today to schedule an appointment. One of our attorneys will meet with you, answer your questions, and discuss if and how a trust could work in your estate plan. We are conveniently located in Addison, IL and we work with clients throughout the Chicago area, including Cook County, DuPage County, and Kane County to establish a trust that fits your needs.