One of the best ways to ensure that your property and assets are passed on to those you care about in the way that you desire is by setting up a will. However, a will is just the first step in estate planning. It is vital to create a comprehensive plan that also includes trusts and other estate planning instruments. A lawyer with experience in trusts and estate planning can help you determine whether a trust is right for you and assist you in creating a trust document that meets your goals. You may visit https://www.chicagoprobateattorneys.net/wills-and-trusts/ to find the best wills and trust attorney for you.
Unlike a simple will, trusts are documents that allow you to name trustees who will distribute your property according to your instructions after your death. They can be revocable or irrevocable and can hold various types of assets, such as real estate, cash, investment accounts, personal property, and life insurance policies. Trusts can also be used to protect your assets from unforeseen expenses, taxes, and creditors. In addition, trusts can be set up to preserve a legacy for children or others who are minors, spendthrifts, or at risk of a future divorce.
The best part about trusts is that they can be structured to avoid the costs and delays associated with probate court. Probate is a process that can take months or even years to complete. By establishing trusts, you can bypass the probate process and have your assets distributed according to your wishes much sooner.
Another benefit of trusts is that they can be used to distribute property to multiple beneficiaries, which can prevent family disputes over inheritances. You can also use trusts to provide for a spouse or partner after your death, to protect the privacy of your assets and affairs, and to make gifts for charity. Trusts can also be established to manage assets for a person who is mentally incapacitated.
A well-drafted will, along with other estate planning tools, can help you achieve peace of mind and provide your loved ones with a secure financial future. If you would like to learn more about how a trust can fit into your estate plan, contact an experienced New York estate planning attorney. We can help you decide which asset options are appropriate for your circumstances and recommend the proper legal language to put into your trust documents.
Having an estate plan is important for everyone, regardless of the size or value of their assets. A will is a great start, but to fully protect your family, you should consider other legal tools such as trusts and durable power of attorneys. An experienced attorney can help you with all your estate planning needs. To schedule a consultation with an estate attorney in Chicago, call the Law Office of Davis & Associates at (312) 626-8463. We have offices throughout the state of New York and are available to answer your questions. You can also visit our blog for articles and information regarding the estate planning process.