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Botto Gilbert Lancaster, PC

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McHenry County, IL Trust Lawyers

Lake in the Hills trust lawyer

Estate Planning Attorneys Serving McHenry County and Lake County

Planning for your family's future can be daunting, both emotionally and practically. It is disconcerting to consider your spouse, children, and grandchildren's lives after you are gone. It can also be tough to figure out the best way to help them financially yet protect your assets while you are alive. Fortunately, with the help of an experienced attorney from Botto Gilbert Lancaster, PC you can learn about a variety of estate planning tools. In particular, a living trust may be used to simultaneously manage your estate and benefit your family. Call us today at 815-338-3838 to schedule a time to discuss your needs.

What is a Living Trust?

A living trust is a legal tool created by an individual to hold property for the benefit of others. Once property is put into a trust, it is managed by a trustee, who may also be the settlor or someone else such as an attorney or professional trustee. Spouses may have a joint revocable trust with each party as a co-trustee who can manage, hold, and provide for their common assets to be disbursed to them both and to the survivor on the death of one of the spouses. This allows them to hold funds in a common trust until that time.

Types of Trusts

There are several different types of trusts available to protect your assets and benefit your loved ones. One important distinction to understand is between revocable and irrevocable trusts.

  • Revocable trusts: When you create a revocable trust during your life, you retain the power to alter the terms of the trust or cancel it entirely. You can add or remove beneficiaries, add and remove property from the trust, and change what a beneficiary receives and when.
  • Irrevocable trusts: An irrevocable trust is one you cannot change or cancel once you formalize it. You should be confident in your decision when you create an irrevocable trust because it is very difficult to alter in the future if you feel differently about a beneficiary or your finances change.

Potential Benefits of a Trust

There are many potential benefits to implementing a trust, including:

  • Avoiding probate: Property transferred to a revocable or irrevocable trust can go directly to your beneficiaries or remain in the trust to benefit your loved ones for years to come, skipping the costly probate process.
  • Reducing your estate's tax liability: Once property is put into an irrevocable trust, it is no longer considered part of your estate. This means it is not counted when it comes to paying your estate taxes and may reduce that liability.
  • Protecting your assets from creditors: Property held within a living trust is protected from creditor's claims.

When to Consider a Trust

A trust may be the perfect legal tool for you and your family. You should consider contacting an attorney about creating a trust if you:

  • Want your family to be able to avoid the probate process
  • Have accumulated assets over $100,000.00 in total value
  • Have a beneficiary who is not responsible with money
  • Have an adult child who is physically or mentally disabled
  • Want to keep the extent of your assets private from the whole family
  • Provide for a disbursement to beneficiaries of a long period of time and/or for many years

Contact our Estate Planning Lawyers Today

If you think that a trust may be the right plan for you and your family, contact us at Botto Gilbert Lancaster, PC today at 815-338-3838. We are happy to sit down with you to review your current situation and offer our advice on the best estate plan for your family's future. We can help you create or update your will and draft a trust that best suits your needs.

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