Trusts provide a viable way for individuals to pass on their assets after their death. One of the decisions involved in creating a trust is deciding whether a revocable, or living, trust is the right option for you. Revocable trusts are legal documents that are drafted while a grantor is still alive and can be altered over time if needed. Many individuals find that this is the best way to distribute their assets after death.
Benefits of a Revocable Trust
A living, revocable trust provides a number of benefits, including:
- Avoids probate, meaning faster distribution of assets to your beneficiaries.
- Potential financial savings.
- While the provisions of a will are made public after death, a living trust is kept secret, ensuring more privacy.
- You have the ability to appoint someone to take over the distribution over your assets should you become incapacitated.
- You are able to change the trust as needed.
A trust is often one of the most important documents a person can draft to ensure that their beneficiaries are given the proper assets after their death. Whether you choose to create a revocable trust or another type of trust, drafting such essential documents can be difficult and time-consuming. Having the help of an experienced attorney throughout the process of writing a trust can ease the process and be an invaluable asset.
Contact a Trust Attorney in Chicago
If you or a loved one is considering beginning the process of writing a trust, the Chicago legal team at Peck Ritchey, LLC, is ready to give you the legal advice you need. Call our offices today at (855) 328-5787 to learn more.