Wills and Trust
Planning for what happens to your estate after your death can be a daunting task. You have a will; isn’t that enough? Do you need a trust? What is a trust? The first step is an understanding of wills and trusts is talking with a Schaumburg, IL law firm that is experienced in estate planning. Bott & Associates, Ltd. has extensive legal experience guiding you through the steps to create the right documents you need to ensure the transition of your estate to your family after your death.
Certainly, a will is important. In addition to dealing with your property and how it is distributed, it also contains directives, such as guardians for your minor children if both parents are deceased. However, a will is not necessarily enough for every estate because of legal proceedings that occur before the terms of the will are carried out.
A trust is similar to a will in that it declares how your assets are distributed at the time of your death, without going through probate. For example, a trust can be used to minimize estate taxes, transfer property, watch over assets for minors, or contribute to charities.
There can be significant costs to creating a trust. A trust administration lawyer from Bott & Associates, Ltd. will work with you in an efficient yet thorough manner to maximize the time spent in creating a trust that best benefits your life situation.
One reason a trust should be considered is the detailed language directing the distribution of your assets, caring for minor children (beyond the declaration of a guardian specified in the will), or managing how you want your business to be handled, to name a few examples.
The two basic types of trusts are revocable and irrevocable. A revocable trust can be altered at any time during the owner’s lifetime. An irrevocable trust cannot be changed or revoked once the trust has been executed. A revocable trust becomes irrevocable upon the death of the original owner.
A revocable trust gives its owners control over the assets in the trust. It does not go through probate upon the death of the owner. In a revocable trust, a successor trustee takes over with the grantor (owner) dies, settling the trust and distributing the assets to the beneficiaries outlined in the trust.
A big advantage over a revocable or living trust is that it prepares your estate in the event you become mentally incapacitated to the point where you are unable to make decisions or handle your affairs. Your assets do not transfer to the beneficiaries at this time, they are managed by the successor trustee. If you do not have a trust and become unable to manage your affairs, the court may appoint a guardian to do so.
It is best to meet with experienced trust administration lawyer to discuss what options work best for your situation. The firm of Bott & Associates, Ltd. can work with you to determine which options work best for you and your loved ones. Contact a trust administration lawyer Schaumburg, IL clients recommend from Bott & Associates, Ltd. today at to get started.