Writing a Living Trust

Elder Law Lawyer Rolling Meadows, ILRegardless of whether your estate is small or large, it is crucial to create a plan for what happens to your assets after you have passed on. Creating a living trust is a useful tool can that provide people with a peace of mind for the future.

An elder law lawyer at Bott & Associates, Ltd. may help you get started writing this important document if you have never completed one before. We are also happy to assist in editing this document to confirm it reflects your true wishes. We have helped countless individuals and families in Rolling Meadows, IL with various elder law issues, including estate planning, Medicaid services, asset protection, legacy planning, and extended financial planning. We know that these issues can be very overwhelming and it’s our job to simplify the legal aspects as much as possible.

5 Tasks to Tackle When Writing a Living Trust

Here are some of the most important tasks to tackle when you are creating your living trust.

  1. Listing Your Assets

Create a list that includes everything you currently own. Assets can be your house, real estate property, bank accounts, vehicles, jewelry, art collection, stocks, bonds, life insurance policies, and sentimental treasures. By creating this list, it can be easier to designate which of your beneficiaries should receive specific assets.

  1. Gathering Important Paperwork

After making a list of belongings, collect important paperwork related to these assets. Examples of documents to gather include titles, stock certificates, deeds, and life insurance policies. An elder law lawyer can meet with you to check that all key documents have been collected in preparation of your living trust.

  1. Choosing Beneficiaries

Beneficiaries are those who you want to receive a portion of your assets after passing away. Beneficiaries can be your relatives, close friends, or even charities. If there are certain individuals who may fight over assets, and especially if you want to ensure that these individuals do not receive anything, talk with your Rolling Meadows, IL lawyer about this. You may want to include an exclusion statement in your living trust regarding this person.

  1. Appointing Successor Trustee

When creating a living trust, you are to name yourself as the trustee in order to continue having control over your belongings while still alive. The successor trustee is the person you want to handle your things after you have passed on. This person shall pay your debts, distribute assets to beneficiaries based on how you so wish, and perform any other duties you have instructed. This person should be someone you trust, that only has your best of interest at heart. You can also name a secondary successor trustee, in case the first cannot uphold their role.

  1. Naming Guardian for Pets or Minor Children

If you have pets and underage children, you may want to appoint a guardian for these family members. If you think one person would be better suited to care for your fur children and another for your human children, you can appoint two different people. You may want to talk with these people before finalizing your living trust, to confirm they are okay with taking on this role in the event of your passing.

Contact Bott & Associates, Ltd.

The idea of creating a trust can be daunting, but it becomes more and more important as you get older. At Bott & Associates, Ltd., we want to support you throughout this time in your life. Please call our firm today to schedule a consultation with an elder law lawyer Rolling Meadows, IL families know and trust. We would love to hear how we can be of assistance to you during the creation of your living trust.