Living Trust Lawyer Barrington, IL
Do You Need a Living Trust?
Every day, our living trust lawyer Barrington, IL resident’s respect receives questions from people who are planning their estate. They often want to know what their best options might be, or whether they should consider a living trust. In general, we typically answer with something like: “It depends.” There are people who should consider nothing less than a living trust. Others won’t need to consider one. However, the average American will fall in the middle. In other words, they might benefit from one, but do not necessarily need it. The following information should help you to understand situations that do not indicate the need for a living trust. For a consultation now with an estate planning lawyer Barrington, IL has to offer, call Bott & Associates.
Probate is a process that involves the inventory, gathering, and distribution of assets that belonged to a person who recently died. The probate process can take between 3 months and 2 years, or more, with the average time being 9 months. It is also expensive; on average, 10 – 14 percent of the estate will go to probate costs. In addition to this, there are often many challenges associated with the process. Because of these things, there are people who elect to avoid it all together.
As a living trust lawyer in Barrington, IL might explain to you, there may be ways that your assets can be immediately transferred to your heirs without having to go through the probate process. In general, assets can be transferred in one – four weeks. Examples of ways to do this include gifting, payable on death accounts, naming a joint tenant with right of survivorship, naming beneficiaries on life insurance policies.
For any physical or financial assets, a living trust may be recommended. These estate planning tools give you the ability to be precise about the planning, while at the same time, being flexible with regards to your wishes. You can also name alternate beneficiaries; which may be necessary if the primary beneficiary dies. This option is generally not available on payable on death accounts.
The Downsides to a Living Trust
Living trusts take some time to draft, require ongoing maintenance, is not easy to modify (but it is possible), and can cost over $1000. You will also need a Will as a backup. A Barrington, IL living trust lawyer can explain the pros and cons to do you during a consultation.
What You Should Do Next
If you are interested in knowing whether or not a living trust is right for you, please call Bott & Associates. We can analyze your situation and help you to make a sound decision that is right for your needs. Call a living trust lawyer in Barrington, IL now.