Trust Lawyer Rolling Meadows IL
When you hear the phrase “estate planning” what words and concepts spring to mind? If you are like most Americans, you probably immediately think about the process of making a will. But it is important to know that not all estate planning tools are related to property and not all estate planning tools are used to manage one’s estate after death. Estate planning encompasses a host of legal tools designed to manage property, medical care, legal decision-making, guardianships, end of life planning and finances. Some of these tools do relate to the management of an individual’s estate after death, but others are designed to function during an individual’s lifetime. A trust lawyer in Rolling Meadows, Illinois from Bott & Associates, Ltd. can explain all of your options to you. In the meantime, the following is a brief overview.
Wills
Wills are perhaps the most easily identified estate planning tool available because of how long people have been using them to address what should happen with their estate when they die. In general, wills provide individuals with a legally enforceable way to express their wishes related to how their property should be treated after they pass away. Wills often address the treatment of sentimental assets as well as financially valuable assets and real property. It is not generally appropriate to use wills as a mechanism to name guardians of minor children, address burial preferences or relay wishes related to medical care. However, some states do allow broader terms than others do. A trust lawyer can explain what the laws in Illinois are.
Individuals who have yet to draft an enforceable personal will should speak to a Rolling Meadows, IL trust lawyer promptly. Even adults who do not own many valuable assets should make sure that they have a will in place in order to address their wishes related to sentimental property and should explore designating powers of attorney for medical care and finances. No matter what your circumstances are, please consider speaking with an attorney trust lawyer about making a legally enforceable will.
Living Trusts
In addition to drafting a will, some individuals may benefit from setting up a living trust or multiple living trusts. Unlike wills, the terms of living trusts are meant to be executed during the property owner’s lifetime. Whereas assets governed by a will are transferred to beneficiaries after an individual has passed away, living trusts allow people to pass property along to loved ones and/or beloved causes while they are still living. There may be significant tax and financial benefits to setting up living trusts. In addition, conditions may be placed on the transfer of property, which allows for some measure of control. For example, a grandparent may set up a living trust for a grandchild, who may only use the funds in pursuit of an educational degree.
Estate Planning Guidance Is Available
If you have questions about estate planning, please do not hesitate to schedule a consultation with a trust lawyer Rolling Meadows, IL clients trust from Bott & Associates, Ltd. Every individual’s wishes regarding his or her property, medical care and end of life plans are different. As a result, it is important to seek individualized guidance and support when crafting an estate plan. Once an attorney better understands your needs and desires, he or she will be able to advise you in regards to any estate planning tools that may benefit you and your family. Please do not hesitate to reach out to a trust lawyer at any point with questions or concerns. None of us knows when our estate plans may become relevant, so it is important to be prepared at all times.
How a Trust Lawyer Can Help You
Any type of legal dispute can provoke overwhelming feelings of frustration and stress. When there is a dispute over a trust or estate, it can be difficult for everyone involved to think clearly and resolve the problem at hand. When these types of disputes are not settled, they can turn into serious matters that go beyond a fight over assets. A trust lawyer Rolling Meadows, IL relies on at Bott & Associates, Ltd. is particularly sensitive to these types of cases. We understand how to handle them without causing further disruption amongst all parties involved.
Common Issues in Trust Litigation
A majority of trust disputes arise when one family member, usually a child, is named trustee over a family trust and engages in fraudulent activities, self-dealing, or overall mismanagement of the trust. When this happens, the trustee is in violation of his or her fiduciary duties. Other types of trust litigation issue may include:
- Undue Influence: A common issue when an elder is involved in a trust. Undue influence could include any kind of emotional manipulation, coercion, or physical intimidation to essentially force or obligate the drafter to change a will or trust in the favor of the influencer.
- Poor Draftsmanship: Sometimes the beneficiaries of a trust will challenge it because it is unclear, poorly written, or includes provisions that are illegal.
- Breach of Fiduciary Duty: A common claim against a trustee or executor of a trust who has not acted according to their rightful duties and obligations.
Other Trust Problems Include:
- Dispute of trust reformation
- Removal of trustee
- Misconduct of a trust
- Accounting mishaps
- Contesting a trust
- Misappropriation of assets
- Fraud
- Trust errors or mistakes
- Disputes with a third party
- Lack of testamentary capacity
Regardless of what your issue might be, if you believe you’ll be involved in some form of trust litigation in the future, it is prudent to hire a trust lawyer in Rolling Meadows, IL for counsel.
Why Choose Bott & Associates, Ltd.?
Litigation of a trust is usually handled in a probate court. This practice of law is significantly different from other civil courts. Judges who oversee probate court cases generally have extensive experience in this area. Furthermore, cases involving a trust or will dispute are often resolved faster than civil disputes. As a Rolling Meadows, IL law firm that has handled trust litigation in the past, we aim to resolve our clients’ legal matters through negotiations or mediation. If this is not possible, we are prepared to proceed with a litigation hearing.
When you hire a trust litigation lawyer from Bott & Associates, Ltd. you can expect:
- Comprehensive representation
- Access to a team of legal professionals
- High quality services
- Frequent communication
- Creative solutions for cases of every complexity
Bott & Associates, Ltd. is at the forefront of trust litigation and overall estate planning. It’s our goal to provide all of our clients with comfort, support, empathy, honesty, and mentorship. It is our objective to diligently resolve conflicts and disputes as amicably as possible. To schedule a consultation with a trust lawyer Rolling Meadows, IL families can turn to in difficult times, contact Bott & Associates, Ltd. today.
What are Self-Settled Asset Protection Trusts?
Each trust lawyer at Bott & Associates, Ltd. provides a wide range of estate planning legal services for the Rolling Meadows, IL area community. In addition to writing a will, you and your heirs may greatly benefit from establishing a trust, and there are several options that may meet your needs. One version of a trust is known as a self-settled asset protection trust. You can create one with the help of our trust lawyer to protect your real estate, business, bank accounts, personal property, and other types of assets from future creditor actions. This is because when you transfer assets into the trust, you are also transferring ownership of them to the trust. As a result, creditors cannot access them.
If I already have creditors trying to access my assets, can I transfer them into a self-settled asset protection trust?
A self-settled asset protection trust cannot be used for past or present creditor claims, though your Rolling Meadows, IL trust lawyer from Bott & Associates, Ltd. can review your case to determine if your circumstances merit an exception. If this type of trust does not suit your needs, your trust lawyer from our firm can suggest alternatives.
What is a self-settled asset protection trust?
As a trust lawyer in Rolling Meadows, IL might explain, this type of trust is primarily used to protect an individual’s assets from potential future creditors. It is sometimes referred to as a domestic asset protection trust. The individual who creates the trust is known as the grantor. In addition:
- The grantor permanently transfers their assets into the self-settled asset protection trust.
- Once the ownership of an asset is transferred into the trust, the grantor cannot change the terms of the trust or transfer ownership of the asset back to themselves.
- It is because the grantor has lost rights to the assets that the assets are protected by their creditors.
- It may be possible to receive income payments or interest from the trust’s assets if those payments are approved by the trustee that the grantor appoints to manage the trust. Our trust lawyer can provide you more information about the specifics on this and how it might apply in your situation.
Are self-settled asset protection trusts available in all states?
No, they are not. In addition, laws that affect self-settled asset protection trusts are subject to change and do change periodically. Each Rolling Meadows trust lawyer at Bott & Associates, Ltd. stays current on all existing and pending legislation regarding estate planning tools, including self-settled asset protection trusts. Talk to our trust lawyer to find out if you are eligible to form this type of trust.
Do other methods exist for protecting my assets?
In addition to self-settled asset protection trusts, there are other methods to protect one’s assets from potential future creditors. Your trust lawyer in Rolling Meadows, IL from our firm can tell you more about these options:
- Create a limited liability corporation
- Choose umbrella or professional insurance
- Create a prenuptial agreement
Learn More About Methods to Protect Your Assets
Bott & Associates, Ltd. works with members of the community to provide quality legal services that address estate planning needs. Give us a call today to schedule a consultation with a trust lawyer Rolling Meadows, IL clients recommend to learn more.