Do I Need a Trust?
An asset protection lawyer can explain all of the legal tools available when it comes to planning your estate. At Bott & Associates, Ltd., we help clients in the Arlington Heights, IL area determine the best estate plan options for their families and are available to meet and discuss what options would benefit your situation.
One of the most effective options you can use for estate planning is setting up a trust. Unlike a will, which is a document, a trust is actually a legal structure that instructs how your assets should be passed to your beneficiaries. A trust can also instruct when those assets should be distributed. There are several different types of trusts that you may set up and an Arlington Heights, IL asset protection lawyer can explain how each one may work for your family.
What Are the Benefits of Trusts?
Trusts offer protections for assets in areas that a will does not, however, it is important that the trust follows all federal and state rules and regulations in order for the trust to be valid. Your asset protection lawyer in Arlington Heights, IL can ensure this is done correctly.
Benefits that a trust can offer include:
Easy to Set Up: One you set up a trust and transfer assets into it, there is not much more you have to think about. Yet, you still have the ability to change or even cancel the trust at any time.
Avoid Probate Process: Unlike a will, a trust does not have to go through the probate process. Not only does this mean beneficiaries have access to their inheritance much quicker, trusts are totally private, unlike the probate process which is available to the public.
Remain in Total Control of Distribution of Assets and Property: You decide how assets are divided and who your beneficiaries will be. You can also decide when those beneficiaries will have access to funds. Under the law, the assets in the trust are automatically transferred to the beneficiary upon our death. However, you can decide if there should be someone else (a trustee) should oversight and control over the funds and that those funds are only used for certain expenses, such as education. For example, if one of your heirs has struggled with a substance abuse problem, you may decide it is better if they do not have control over the assets.
Assets Go to Exactly Who You Choose: Again, unlike a will, no other potential heirs can contest a trust like they can a will. This enables you to safeguard your assets to ensure they “stay in the family” or give you the option to make sure that certain family members do not receive any of your assets if that is your wish.
Contact an Asset Protection Lawyer Today
If you would like to find out more information about the different trusts options that are available to you, Bott & Associates, Ltd. can help. Call an asset protection lawyer Arlington Heights, IL clients respect to set up a free consultation.