Providing for your family after your death is one of the most important things you can do for your loved ones. With a little effort and careful planning, you can ensure that your family is taken care of after your death and that your assets are distributed exactly how you want them to be. Working with a Wills & Trusts Attorney in Chicago, IL can help you put your plan into place and minimize the potential for conflict among family members after your passing.
A will outlines your final wishes and specifies how your property is to be divided up and given to your beneficiaries after your death. It also names a legal representative to carry out your instructions. In addition, a will allows you to name guardians for your minor children and specify funeral arrangements. A well-drafted will can prevent confusion and disputes that may arise during the probate process, but it must be worded precisely in order to avoid misinterpretation by the courts. A good Wills & Trusts Attorney in Chicago will work with you to make sure your wishes are clearly stated and enforceable.
While a will is the primary estate planning document, trusts are also useful tools in your arsenal. A trust is a legal entity that is established during your lifetime to manage your assets and transfer them to beneficiaries after your death, according to your specifications. Trusts can be used to reduce the taxable value of your estate, potentially boosting your heir’s after-tax inheritance. A Wills & Trusts Attorney in Chicago with extensive experience establishing trusts can review your estate and goals to create a unique trust that is the right fit for you.
Another benefit of a trust is that it can protect your assets and offer privacy while the probate process makes your will public. While a will can serve this purpose, a trust is often better because it can be used to pass along valuable assets while protecting them from creditors, lawsuits and other issues that could affect their value. A trusted Wills & Trusts Attorney in Chicago may recommend a trust as part of your overall estate plan, particularly if you own a business or other complex assets.
When selecting a Wills & Trusts Attorney, you should choose a firm that has significant experience in this area of law and can provide personalized service. A comprehensive list of firms can be found at FindLaw’s Lawyer Directory, which contains over one million lawyer profiles and includes information like education and training, office locations, fees and client recommendations. Use the filters to narrow your search and find a firm that meets your needs. If you are interested in hiring a Wills & Trusts Attorney, contact lawyers directly by phone or email to set up an initial consultation. They can discuss your case, answer any questions and provide you with advice on the best course of action to take. A free consultation is usually available, so be sure to take advantage of it!