Schaumburg Trusts Attorney

Trusts Lawyer Helping Clients Create Comprehensive Estate Plans in Schaumburg, IL

When planning your estate, you have several tools at your disposal to ensure that your assets will be distributed according to your wishes. Trusts are powerful tools, and they can offer various benefits and may serve as a better alternative to wills in certain cases. To learn why trusts are beneficial, how they differ from wills, and why they might be the right choice for your estate planning needs, contact an experienced attorney at Anderson Attorneys, P.C.. Over the past 40 years, we have helped thousands of clients create robust estate plans that safeguard their rights and interests, and we can do the same for you.

Why Are Trusts Beneficial in Estate Planning?

There are many reasons why trusts are important components of estate plans. These include:

• Avoiding probate - Probate is a court-supervised process that validates a will. The process of probate also oversees asset distribution. It can take a lot of time and cost a lot of money, and it is also a public process. By placing your assets in a trust, you can ensure that they will be transferred to your beneficiaries more quickly and privately after your death or during your life.
• Enhanced control and flexibility - Trusts offer a level of control and flexibility that wills often do not. For example, with a trust, you can specify the conditions under which your assets will be distributed. You can also dictate timelines, such as delaying the transfer of significant sums of money until a beneficiary reaches a certain age or achieves specific milestones. This level of control can be especially beneficial if you have young children or beneficiaries who may not yet be financially responsible.
• Asset protection - Trusts can provide a layer of protection for your assets. Assets held in certain types of trusts may be shielded from creditors and lawsuits. This means that if you or your beneficiaries face financial troubles, the assets in the trust will be safeguarded and can only be used according to the terms you have set.

How Are Trusts Different Than Wills?

Aside from avoiding probate, some other ways trusts differ from wills include:

• Privacy concerns - Wills become public records once they are filed for probate, meaning that anyone can access the details of your assets and beneficiaries. Trusts, in contrast, remain private documents and are not subject to public scrutiny. This privacy can be crucial for people who wish to keep their financial affairs confidential.
• Continual management - A trust can ensure that assets will be managed correctly in case of incapacitation. If you become unable to manage your affairs due to illness or injury, a trust can ensure that your assets will be managed according to your instructions without the need for court intervention. Wills only take effect after death, and thus, they do not offer this type of protection.
• Detailed instructions and complex provisions - If your estate plan addresses special circumstances, such as caring for a family member with special needs or ensuring the care of a pet, a trust can provide specific, detailed instructions that a will might not be able to accommodate effectively.

Three Common Types of Trusts in Estate Planning

Revocable trusts, irrevocable trusts, and special needs trusts are three common options that many people use in their estate plans. A revocable trust allows the grantor to retain control over the assets and make changes as needed. An irrevocable trust provides asset protection and estate tax benefits but cannot be easily altered once established. A special needs trust can help provide for a beneficiary with disabilities without impacting their eligibility for government benefits. While these are among the most frequently used trusts, there are other options available to suit specific needs in estate planning.

Contact Our Schaumburg Trusts Attorney

Trusts are powerful tools that can play a crucial role in the estate planning process. They offer numerous benefits, from avoiding probate to providing enhanced control over asset distribution. They provide more privacy, protection, and detailed instructions than wills, making them an essential component of many estate plans. To learn how Anderson Attorneys, P.C. can help you incorporate a trust into your estate plan, contact our office at 847-850-8899 and schedule a free consultation today.