Trust and probate administration are the two ways in which assets of a deceased person transfer to heirs, and probate will be a requirement for the process unless the deceased creates and funds a trust. When you are thinking about establishing a trust for your own assets, you will want to work with an Illinois or Indiana trust lawyer who will be able to properly file all of the necessary legal paperwork so you can be confident that all of your final wishes will come to pass.
Again, people specifically design trusts to bypass the probate process, which can save your family considerable time, money, and acrimony. When you establish a trust in conjunction with a will, it is a testamentary trust, and trusts you create during life will be living trusts.
Trusts will be separate 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:
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. Spagnolo & Hoeksema, LLC, will work with you to determine your options and most effective legal strategy.
The process of administering a trust can include:
Here are some common questions that people should be asking themselves when they are considering formulating a trust:
If you need assistance in establishing a trust or even revising an existing one, make sure to work with legal representation. Spagnolo & Hoeksema, LLC, has a wealth of experience handling these often complicated legal claims.
Our firm knows how important these details can be to many people, so we will take the time to thoroughly examine all of your options and chart the best possible path for your desires. We invite you to call us or contact us online, so you can receive a free consultation, and we can discuss your case further with you.
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Our office has worked with Spagnolo & Hoeksema LLC on a number of matters. Their attorneys and staff are first rate and a joy to work with. I would highly recommend their office!
I highly recommend calling Kristy Hoeksema for all your legal needs. When I first contacted Kristy, she returned my calls in a timely manner and was very informative right off the bat! She not only explained everything in layman’s terms, she took care of my legal needs quickly and painlessly. Thanks Kristy!!
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