Oak Brook Trust Lawyer
When you are in need of estate planning help, you can rely on a skilled trust lawyer in Oak Brook, IL. Whether you are new to estate planning or need some extra guidance, an estate planning lawyer can offer you personalized support and help you develop your plan more quickly and efficiently. If you need support setting up a trust in particular, a trust lawyer can help you meet the requirements. Learn more by requesting a consultation with a lawyer from Bott & Associates, Ltd in your area now.
Trust Lawyer In Oak Brook, IL
As an experienced law firm with over twenty years of experience, Bott & Associates, Ltd has provided reliable and specialized legal services for many clients over the years. Clients turn to them for a variety of services, such as wills, trusts, and assistance with general estate planning needs. To obtain the best results possible, consult with a reputable Oak Brook-based trust lawyer so that you can learn the estate planning strategies that are most suitable for you.
Benefits of Having a Trust
Having a trust set up as part of your estate planning strategy offers many advantages. A trust is a type of fiduciary agreement that allows you to choose a third party to oversee specific assets you want to set aside and protect on behalf of one or more beneficiaries. You retain control of your trust and your privacy. Trusts can be useful parts of a strong and cohesive estate plan, so talk to a lawyer if you would like to learn more about
Why Hire a Trust Lawyer
It is important that you know everything that you need to know about estate planning basics. When you are dealing with trusts in particular, this can be difficult to manage, as there are specific requirements that you must meet. You can expedite your estate planning if you hire a lawyer who has specialized experience assisting clients with trusts. Having an experienced and competent trust lawyer who serves Oak Brook residents can give you peace of mind and make the experience less stressful to deal with. Some of the main tasks that a trust lawyer can assist you with includes:
- Helping you understand your legal rights
- Explaining the local, state and federal laws
- Evaluating your financial situation
- Determining the best estate planning strategies
- Assisting you with legal paperwork
- Guiding you throughout each part of the process
They can help you appoint a trustee as well. Trustees are individuals that you choose to manage your trust. It is a role that demands responsibility, organization, and commitment. They are in charge of protecting the assets in the trust and making sure that your chosen beneficiary receives them.
Affordable Estate Planning Services Are Available
No matter what kind of trust you are thinking of establishing for your estate plan, a lawyer like one at Bott & Associates, Ltd can provide their assistance. Talk to an experienced trust lawyer in your area if you are searching for quality legal services.
Planning For The Future With Our Oak Brook, IL Trust Lawyer
Estate planning doesn’t end with your Last Will and Testament. A trust, or a few different types of trust, can help protect certain assets (including real property) from estate taxes and creditors, shield the asset transfer from probate after you pass away, and ensure that you have a steady stream of income for retirement and end-of-life care. Our Oak Brook, IL trust administration lawyer can help you understand what kind of trust is right for you and help ensure that you and your family are protected.
At Bott & Associates, Ltd., we create personalized estate plans for individuals and families. We combine critical legal protections with thoughtful insight, considering your obligations and financial picture today and your financial and retirement goals. Trusts aren’t just for the very wealthy. Most people can benefit from a trust, and if you have a special needs family member you support or minor children, then creating a trust, even a modest one, can help ensure they receive proper care and a good quality of life after you pass away.
Your Options For A Trust In Illinois
A trust is a financial entity that manages assets according to the grantor’s instructions or the person who created the trust. Your estate planning attorney can set up the trust for you to ensure it complies with the Illinois Probate Act of 1975. As the grantor, you fund the trust and set rules for dispersing the assets within.
Our role as your estate planning attorneys is to help you properly fund the trust so that it can fulfill your goals.
For example, you can establish a Special Needs Trust to help support a loved one with special needs without jeopardizing their government benefits. Or, you can establish a trust for a child’s college education, stipulating that it only pays for tuition and other education-related expenses. Some people in second or subsequent marriages may choose to place certain assets in a trust for their children from previous relationships to avoid disputes among heirs after they pass away.
Your trust is administered by a trustee who oversees the release of funds and management of the trust’s assets. Some trustees may control investments the trust makes to grow its value and better serve the beneficiary. The fiduciary duties of a trustee can be as broad or as narrow as you choose, and we can help you strike the appropriate balance.
What Can I Put In A Trust In Illinois?
You can place many different kinds of assets in a trust, including:
- Bank accounts and money deposits
- Real property, including your home
- Annuities and dividends from investments
- Personal property
- Business interests
- Retirement accounts
A trust can also be named as the beneficiary of a life insurance policy. For example, if you have small children and want to ensure that they have money for college, you can take out a life insurance policy and name the trust as the beneficiary. The money will, therefore, only go to the trust and will be dispersed according to the rules you state for your children.
If you need help establishing a trust or changing the terms of an existing one, call Bott & Associates, Ltd. for a personalized consultation with our Oak Brook trust lawyer.
Types Of Trusts
Estate planning trusts are crucial tools for managing and distributing assets according to one’s wishes. Given the different options of trust, it is important to have an Oak Brook, IL trust lawyer assist in establishing the trusts that best suit your needs. The attorneys at Bott & Associates, Ltd. are here to help.
1. Revocable Living Trusts
A revocable living trust allows individuals (known as grantors or settlors) to retain control over their assets during their lifetime while outlining how those assets should be managed and distributed upon their death. One of the primary benefits of a revocable living trust is that it avoids probate, a legal process that can be time-consuming and expensive.
During the grantor’s lifetime, they can amend or revoke the trust as needed, which provides flexibility. Upon the grantor’s death, the trust becomes irrevocable, and the appointed trustee takes over the management and distribution of assets according to the trust’s terms. This type of trust is often used to ensure privacy and efficient transfer of assets to beneficiaries.
2. Irrevocable Trusts
Unlike revocable trusts, irrevocable trusts cannot be modified or revoked once they are established, except in limited circumstances and with the consent of all beneficiaries. Because the grantor relinquishes control over the assets placed into the trust, those assets are typically shielded from estate taxes and creditors.
Common types of irrevocable trusts include life insurance trusts, charitable remainder trusts, and generation-skipping trusts. These trusts are often used for tax planning purposes and to ensure assets are protected for future generations or charitable causes.
3. Testamentary Trusts
A testamentary trust is created through a person’s will and only comes into effect upon their death. Unlike revocable living trusts, testamentary trusts are subject to probate because they are part of the will. They can be used to manage assets for minor children, individuals with disabilities, or beneficiaries who may not be capable of managing assets on their own.
The terms of a testamentary trust are dictated by the grantor’s will, and the trustee appointed by the court or named in the will manages the assets according to those terms. This type of trust provides a way to ensure assets are distributed according to the grantor’s specific instructions after their death.
4. Special Needs Trusts
A special needs trust, also known as a supplemental needs trust, is designed to provide for individuals with disabilities without jeopardizing their eligibility for government benefits such as Medicaid and Supplemental Security Income (SSI). These trusts are typically funded with assets intended to enhance the beneficiary’s quality of life, such as inheritances or personal injury settlements.
The trust is managed by a trustee who distributes funds for the beneficiary’s supplemental needs not covered by government assistance programs. Special needs trusts are highly specialized to ensure the beneficiary maintains access to essential benefits while receiving necessary supplemental support. An Oak Brook trust lawyer can ensure that the trust you establish will not jeopardize your loved one’s government benefits.
Help In Estate Planning
Trusts are versatile estate planning tools that allow individuals to protect and manage their assets during their lifetime and after death. Choosing the right type of trust is critical to ensure your wishes for the funds are met when you are no longer here. Consulting with a qualified Oak Brook trust lawyer can help you navigate the complexities of trusts and create a plan that reflects your wishes and safeguards your legacy. Call Bott & Associates, Ltd. to discuss all of your estate planning needs.
Trust FAQs
Planning for the future often involves deciding how to manage and protect assets, but your Oak Brook, Illinois trust lawyer can make the process easier. Trusts are a common way to distribute property, provide for loved ones, and avoid probate. Many people have questions about how trusts work and what to expect during the process, and at Bott & Associates, Ltd., we’re happy to use our over 20 years of experience to help. Below, we answer some of the most frequently asked questions about trusts.
How Long Does It Take To Settle A Trust In Illinois?
The time it takes to settle a trust in Illinois depends on several factors, including the size of the estate, the type of assets involved, and whether there are any disputes. Unlike probate, which can take months or even years, trusts are generally settled faster. In simple cases, it may take a few months to distribute assets. If there are complex holdings, tax issues, or disagreements among beneficiaries, the process can take longer.
How Does A Trust Differ From A Will?
A trust and a will both determine how assets are distributed after death, but they work differently. A will goes through probate, which is a court-supervised process that can take time and may involve fees. A trust, on the other hand, allows assets to be passed directly to beneficiaries without going through probate.
What Assets Can Be Placed Into A Trust?
Many types of assets can be transferred into a trust. These include real estate, bank accounts, stocks, bonds, business interests, and personal property like jewelry or artwork. Retirement accounts such as IRAs and 401(k)s usually require special handling, and life insurance policies may also be included under certain conditions. It’s important to properly title assets in the name of the trust to make sure they are covered by its terms.
How Do I Fund My Trust?
Funding a trust means transferring ownership of assets into it. This can involve retitling bank accounts, changing the deed on real estate, or updating beneficiary designations on financial accounts. Some assets require additional steps, such as working with financial institutions to update account records. A trust is only effective if it holds assets, so making these changes is an important part of the process.
What Is The Difference Between Revocable And Irrevocable Trusts?
A revocable trust allows the person who created it to make changes or dissolve it at any time. This flexibility makes it a common choice for estate planning. An irrevocable trust, on the other hand, cannot be changed once it is created. While this may seem restrictive, it can offer benefits such as tax savings or asset protection. The right choice depends on financial goals and long-term plans.
Contact Us Today
Attorneys like the team at Bott & Associates, Ltd. can guide your through the process and answer questions about setting up or managing a trust – and with a deep understanding of estate planning and elder law, we can provide insights on why and when you should look into creating a trust in the first place. If you need help with estate planning, contact us today to discuss your options with an Oak Brook, IL trust lawyer from our office.
