Trust Attorney Near Me

Trust Attorney Near Me

Trusts are a popular estate planning tool because of their ability to keep certain assets out of the probate process. There are several types of trusts available, and knowing which option is right for your goals can be difficult.

When establishing a trust to protect your assets or your loved ones, you will want to work with an experienced Illinois or Indiana trust lawyer. A knowledgeable attorney can properly file all the necessary legal paperwork to establish your trust so you can be confident that your final wishes will be honored.

Types of Trusts

Trusts are legal entities set up by a grantor or creator to manage their assets. A person places various assets inside a trust to be overseen by a trustee. A person can also designate one or more beneficiaries to receive property within a trust under certain conditions.

The two basic types of trusts include:

  • Revocable Trusts — The revocable trust is also known as a living trust, and a person can change, alter, modify, or revoke it during their lifetime. Under a revocable living trust, the grantor, trustee, and beneficiary can all be the same person, and a grantor will have the ability to alter the terms and conditions or revoke the trust at any time. The common purpose of revocable living trusts is to transfer assets to beneficiaries upon a person’s death without going through probate.
  • Irrevocable Trusts — Unlike the revocable trust, it is not as easy to alter, modify, or revoke an irrevocable trust once you create it. Although a creator will forfeit some flexibility, irrevocable trusts do have some inherent advantages. For one thing, a person will no longer be the owner of property within the trust. Such considerations will shield the property from creditors while a person is still alive, and upon death, the property may pass to beneficiaries with only minimal estate tax liability.

When you go through a major life change, such as a divorce, you will want to revise or revoke trusts to ensure that appropriate trustee and beneficiary designations will be in place. The trust attorneys at Spagnolo & Hoeksema, LLC, will work with you to determine your options and most effective legal strategy.

Questions to Ask Yourself About Your Trust Needs

Here are some common questions that people should be asking themselves when they are considering formulating a trust:

  • Are you familiar with revocable living trusts, irrevocable living trusts, charitable trusts, and special needs trusts?
  • What is the complexity and scope of the estate?
  • Do you have minor children or grandchildren that you want to protect and provide for?
  • Who will be your trustee?
  • What are your intentions in creating a trust, and what are you trying to protect?
  • Do you want distributions to go to individuals, charitable organizations, or both?

Discussing these considerations with a knowledgeable trust attorney can help you better understand your needs and the type of trust that is best for your situation.

Call Us Today to Schedule a Free Consultation with a Trust Lawyer Serving Illinois and Indiana

If you need assistance establishing a trust or even revising an existing one, it is strongly advised to work with legal representation. Spagnolo & Hoeksema, LLC, has a wealth of experience handling these often complicated legal matters.

Our firm knows how important the details can be in estate planning issues, and we will take the time to thoroughly examine all of your options and chart the best possible path forward. We invite you to call us or contact us online so you can receive a free consultation and we can discuss your case further.

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