One of the better ways to financially protect an elderly individual is setting up a trust.
The type selected depends on the goals and circumstances of the donor or grantor who is providing the money and property to fund the trust. It also depends upon the circumstances of the person who is to benefit from the trust.
A living trust, also known as a Revocable Living Trust, is not the same as a living will, which provides medical care decisions. A revocable living trust is created while the person is still alive and can be modified at any time; it’s an easier alternative to organize assets and allows for efficient property distribution upon one’s death.
When considering setting up a revocable living trust for an elderly individual, it’s also important to first consider their mental capacity. Do they have the ability to: transact ordinary business and understand the trust that they are signing?
Did you know?
- If the person with the trust becomes mentally incapacitated, their trustee can manage their assets rather than a court-supervised guardian or conservator.
- A Revocable Living Trust helps avoid probate and the details of trust agreement cannot become public record.
- When the person with the living trust dies, those assets go directly to the beneficiaries named in the trust agreement.
The attorneys of Peck Ritchey, LLC are recognized leaders in estate, trust and guardianship litigation. For more information on setting up a trust by speaking to a trust litigation attorney, visit our website or call directly at 312. 201.0900.
Simply writing a will won’t mean your wishes will be honored in probate court when you die. The complexities of probate laws in most states can mean confusion over the intent of your will after you pass away. Estate attorneys can explain the many probate laws in your state and help you structure your estate in a way that will guarantee your assets are distributed according to your wishes. Estate attorneys can also minimize the chance that disputes will be filed by probate attorneys on behalf of individuals contesting your will.
Not Every Will Is Straightforward
Greed and jealousy can rear their ugly heads among normally loving relatives if there is a lot at stake. In many cases, relatives will hire probate attorneys to contest a will that has left them out of the picture. A standard will can be difficult to interpret or uphold in court if those contesting it have hired experienced Chicago probate attorneys. The more scrutiny your will is under, the less likely it will stand up in probate court if you haven’t attended to the details by working with estate attorneys when drafting it.
Estate Lawyers In Chicago Can Craft A Customized Will
Estate lawyers can help write a will that addresses any unusual wishes you might have. For example: If you die unexpectedly and don’t want your children to have full access to your assets while they are still minors. Consulting with Chicago probate attorneys or estate attorneys can help you structure your estate and establish a trust fund or restricted account, protecting the bulk of the estate until your children are old enough to handle it responsibly.
Estate attorneys can also help you address issues such as who will raise your children and what to do with your home when you pass away. There are dozens of other issues to contend with as well, estate lawyers in Chicago or you local area can advise you on how to address these concerns properly.
Death And Taxes: Coping With A Sure Thing
Unfortunately both death and taxes are unavoidable, that is why consulting with estate attorneys sooner rather than later is essential. Inheritance taxes are complex and can vary widely from state to state. Estate Planning attorneys are often also CPA’s and are well versed in tax law issues surrounding wills and estates. They can offer suggestions and can recommend an appropriate tax attorney. Experienced estate lawyers and probate attorneys can help you understand the tax ramifications of your death so that you can prepare now, and have your family protected later.
Using A Standard Will Template Can Lead to Problems
Do not be lulled into assuming that writing a will using a standard template will protect your heirs. Your seemingly simple instructions can quickly mushroom into a family feud or a battle of the probate attorneys. Printing a form off of the Internet does not guarantee your wishes will be followed, the form may not even be legal, may not cover all areas of your estate and even if it does, without an attorney, you cannot ensure you have signed the document properly for it to be recognized by the court.
By planning now and working with estate attorneys can minimize family strife and greatly reduce the chance that your heirs will need probate attorneys to fight for their rights. Protect your heirs properly by meeting with estate attorneys now rather than waiting until it’s too late.