If you are interested in providing for your family and continuing to have some control over your assets through a revocable living trust, you will need the assistance of a knowledgeable trust lawyer to make sure you manage the complex process of properly setting up your trust.
A revocable living trust has many benefits. It allows you far more flexibility while also giving you reassurance that your assets will be handled and distributed to meet your wishes after your passing. However, the process of setting up a revocable living trust is very complicated, and a mistake could render the entire thing invalid.
To avoid any errors and to set up your revocable living trust quickly, efficiently, and correctly, you will need to work with Chicago’s premiere estate law firm, Peck Ritchey, LLC. Our revocable living trust attorneys have more than a hundred years of collective experience in estate planning and estate law, and our managing partner, Kerry Peck, is one of the foremost names in estate law in Illinois. If you are ready to set up your revocable living trust so that it meets your needs and reflects your wishes, contact Peck Ritchey, LLC at (855) 328-5787 to begin the process today.
Why You Need a Lawyer to Set Up a Revocable Living Trust
Estate planning can be overwhelming even in the most straightforward of circumstances. While there are many advantages to setting up a revocable living trust instead of engaging in other methods of estate planning, the downside of this process is that it is far more complicated and requires more work up front than other options.
Pursuing a revocable living trust will, therefore, require the assistance of an estate lawyer with experience drafting your documents to meet the requirements of the law and your wishes. With the help of a lawyer, you can more fully understand the benefits and the consequences of setting up a revocable living trust. You will avoid errors that may potentially be very costly for you or your family. Your lawyer can also ensure you get the full benefits of your revocable living trust while limiting the risk of the trust being contested before or after your passing.
Why You Should Trust Peck Ritchey, LLC for Your Revocable Living Trust
Our firm’s managing partner, Kerry Peck, is one of the most prominent names in estate law in Illinois. His clients have included the State of Illinois, Cook County, and the City of Chicago, and his assistance has been sought to craft laws to protect the elderly from abuse. He has also been elected president of the Chicago Bar Association and received numerous awards for his dedicated legal work on behalf of his clients, including being selected as a Super Lawyer for 11 consecutive years. Partner Timothy Ritchey has testified as an expert before the Illinois Senate on amendments to the Illinois Probate Act and been chair of the Probate Practice Committee for the Chicago Bar Association.
Every lawyer at Peck Ritchey, LLC brings a high level of experience and prestige to their cases. We make sure that every client who comes to us with the desire to protect themselves and their family through estate planning receives the best possible legal assistance so that their wishes are honored as they were intended. When you bring your revocable living trust to us, you will get the committed, skilled, experienced assistance you require to organize your assets to meet your needs today and your family’s needs in the future.
The Benefits of a Revocable Living Trust
The revocable living trust is an increasingly popular form of estate planning, and for excellent reasons. A revocable living trust provides an individual with far more control over their assets while also providing security for their loved ones after their passing. More specifically, a revocable living trust provides all of the following benefits:
- Ability to change the trust whenever you want
- Ability to revoke the trust whenever you want
- Ability to set a trustee if you become unable to manage the trust
- Ability to arrange and change beneficiaries
- Ability to avoid probate court
- Ability to keep all property and assets private and undisclosed to the public
All of the above are very compelling reasons to pursue a revocable living trust. The only disadvantage to this process is the upfront difficulty. However, if you allow Peck Ritchey, LLC to draft your revocable living trust, you will be able to avoid any undue complexity and delays.
Revocable Living Trust Frequently Asked Questions (FAQs)
Estate planning is a complex and difficult area of the law. It involves many unusual terms and concepts that can have severe ramifications for you and your family. To help simplify the concept of a revocable living trust, we have provided answers to some of the most common questions we hear.
What is probate? Is it bad?
Among the benefits of a revocable living trust listed above is the ability to avoid probate court. Probate is the process by which a person’s estate is inventoried and appraised by the court before it can be distributed to beneficiaries.
Probate is bad only in the sense that it delays the distribution of your assets to your loved ones after your passing. A revocable living trust allows you to bypass probate and distribute your assets immediately.
How does a trust affect my taxes?
Establishing a trust typically does not affect your taxes. You continue to pay them the same as before. You do not need a separate tax form for your trust’s assets.
Do I have to put all my assets in a trust?
No. Some individuals set up multiple trusts. Others only put select pieces of property or other assets into a trust. A lawyer can help you decide what assets to include in your revocable living trust.
Do I need to be rich to create a revocable living trust?
Many assume they have to be extremely wealthy to create a trust, but many people of relatively modest means create trusts as well. The benefits are the same.
Protect Yourself and Your Family by Letting Us Set Up Your Trust
Having control over your assets while you are alive while providing a direct means of providing for your beneficiaries after your passing is the ideal situation for many people. If you would like to establish a revocable living trust, Peck Ritchey, LLC can simplify the process while providing you with a legally strong draft of your trust. Call our trust and guardianship attorneys at (855) 328-5787 to discuss your desires in more detail.