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.
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.
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 you are no longer here. Call Bott & Associates today.