Money Management Schaumburg, IL
When many residents of Illinois hear the words “estate planning,” they think of a person dying and the reading of their last will and testament. The reality is, however, there is much more to estate planning than just the person’s death. There are many tools in place that can help protect the assets and property a person has so that when they do pass, those funds are there to provide for the loved ones they leave behind. An estate planning attorney from Bott & Associates can help you with many aspects of money management in Schaumburg, IL.
Living Trusts
There are many tools that an attorney can utilize to help clients protect their assets, including wills and trusts. One of the most common tools is a living trust. A living trust can provide a person with much more control over transferring assets to a beneficiary while providing a way to avoid the whole lengthy and often costly probate process. Unlike some other types of trust, the person setting up a living trust still maintains complete control over it, maintaining money management in Schaumburg, IL over their own finances.
While a will only becomes effective when a person dies, a living trust goes into effect as soon as it is legally created. The person who sets the trust up is referred to as the grantor. The person who will receive the contents of the trust is referred to as the beneficiary. The grantor maintains control over the trust until their death. In essence, they are the trustee of the living trust. They may also choose a trustee who will oversee the trust until the contents are turned over to the beneficiary under the terms that the grantor has specified. In some cases, the beneficiary may receive the funds immediately following the grantor’s death. In other cases, such as when a beneficiary is a minor child, the trustee will maintain control over the funds per the directions of the grantor.
Some people may be concerned that if they set up a living trust, they will lose control over whatever assets or property they place in the trust. One of the benefits of a living trust is that the grantor can add or remove assets whenever they choose. They can change the terms of the trust or even completely revoke the trust at any time.
Avoiding probate process
A living trust can serve as an excellent alternative to probate, because the successor trustee distributes assets according to written instructions of the trust creator, without court intervention. An attorney from our firm can help determine if a living trust may be a viable money management tool for your unique situation.
As a court-supervised process of distributing a deceased person’s estate, probate can sometimes become a lengthy process. The probate process may also diminish what beneficiaries can inherit and delay distribution assets to them.
Which in many cases can mean less time spent distributing assets to heirs from months or years, to only weeks – without any additional estate expenses.
Also, if property is owned in another state, that property may be passed directly to your beneficiary, they may not be subject to probate in that state.
A living trust may save time and money
As described above, a living trust can save money by avoiding probate expenses at your death.
However, the initial cost of setting up a living trust may be more costly than creating a will. A living trust is a more specific legal document that requires more energy and action, as the trustor must also fund the trust with assets. A money management professional will be able to help decide what the best option is.
The value of privacy
As mentioned above, one of the benefits of a trust is the avoidance of the probate process.
By avoiding the probate process, a living trust helps maintain privacy by avoidance of court. In a living trust, the interactions between the involved parties will not become part of public record. No one can later search public records to learn about the distribution of an estate by means of living trust. A money management professional will be able to provide information that will aid in making the decision to create a living trust.
A specific plan documented in the event of incapacitation
In the event that a living trust holder becomes ill or incapacitated, the successor trustee may step in to oversee related affairs without court oversight. In this capacity, one can avoid court-appointed conservatorship of your estate related affairs. The revocable nature of a living trust implies that the trust holder can dispute implications of incapacitation, thus retaining control of your estate affairs. Our team is experienced in consulting clients who are planning an estate, and are ready to provide advice for your unique situation.
Certainty and peace of mind for loved ones and trusters
Other aspects of a living trust seen as beneficial are derived from the detailed nature of the documentation of intentions. By having a detailed plan of action, one can help prevent unintentional disinheritance, and help provide specific instructions for care of a loved one who may have special needs. Additionally, a living trust can help protect specific assets from certain people.
Each of these points contribute to having greater peace of mind, knowing that the estate will be handled exactly as documented. Loved ones may also benefit from greater peace of mind, knowing exactly what has been documented as it pertains to them.
Let Our Firm Help
If you would like to learn more about how estate planning tools can help you with money management in Schaumburg, IL, our firm is here to help. Please contact our office today to schedule a free and confidential consultation with one of our estate planning attorneys and let us help you put together a solid plan that will protect your family when the day comes when you are no longer here. Call Bott & Associates today.
5 Ways A Living Trust Can Enhance Your Money Management
Managing your finances effectively is essential for securing your future and providing for your loved ones, as our trusted Schaumburg, IL money management lawyer can tell you. At Bott & Associates, Ltd., we understand the importance of sound financial planning and estate management. One valuable tool in this process is the living trust. A living trust offers numerous benefits, including asset protection, probate avoidance, privacy, continuity of management, and incapacity planning. Attorney Maritess Bott has over 20 years of xperience practicing law and can help you with your money management concerns.
- Protect Your Assets. A living trust established with our firm can shield your assets from creditors, lawsuits, and other potential threats. By placing your assets into a trust, you retain control over them during your lifetime while ensuring they are safeguarded for your beneficiaries after your passing.
- Avoid Probate. One of the primary benefits of a living trust is the ability to bypass the probate process. Unlike a will, which must go through probate court, assets held in a trust can be distributed to beneficiaries without the delay, expense, and public scrutiny associated with probate. This streamlined process allows for efficient transfer of assets to loved ones according to your wishes.
- Maintain Privacy. Unlike probate proceedings, which are a matter of public record, the administration of a living trust remains private. This means that details about your assets, beneficiaries, and distribution instructions are not disclosed to the public. Privacy can be an essential consideration for individuals who prefer to keep their financial affairs confidential.
- Ensure Continuity of Management. With a living trust, you can appoint a successor trustee to manage your assets in the event of your incapacity or passing. This ensures continuity of Schaumburg money management and allows for seamless transition of control without the need for court intervention. By selecting a trusted individual or institution as your successor trustee, you can have peace of mind knowing that your affairs will be handled according to your wishes.
- Plan for Incapacity. A living trust can include provisions for managing your assets in the event of your incapacity or disability. By establishing a revocable living trust and naming a successor trustee, you can ensure that your financial affairs are handled according to your wishes if you become unable to manage them yourself. This can provide valuable protection and peace of mind for you and your loved ones during challenging times.
Work With A Team You Can Count On
At Bott & Associates, Ltd., we understand the importance of effective money management and estate planning. If you’re considering a living trust as part of your financial strategy, our experienced attorneys are here to help. Contact us today to schedule a consultation and learn more about how a living trust can benefit you and your family. Let us guide you through the process and help you achieve your financial goals with confidence and peace of mind. Attorney Maritess Bott treats every client like they are family, so join ours today. When you need help with money management in IL, give our office a call.