An estate plan gives a person control over their assets while living and after death. It allows people to provide a financial foundation for their children and future generations. If you want to create an estate plan, then you should use an Estate Attorneys Libertyville firm.
Trusts and wills give people control over how their assets are distributed. If you do not have one, then assets are distributed by family members or a probate court. Probate court can be a costly and lengthy process. A judge determines who get what from the decease’s property. On the other hand, a will allows for a person to carry out their own wishes.
Estate plans should include a will with a trust. Trusts work as a separate entity and hold the individual’s assets. The assets are distributed according to the terms of the document. The document is controlled by a trustee and financed with the assets of the estate.
Estate Attorneys Libertyville companies can help with drawing up a trust. It takes time and money to make a trust with specific directions for dividing up assets and money. Trusts can disburse money and property at time of death or require the heirs to get an education or buy a home.
A clause can be put in the will requiring heirs to use a certain amount of money each month. If a person is sick with minor children, then they want to find a way to protect them in case of an emergency. A trust can state certain conditions for minor children. It usually names guardians and provides money for the care of the children.
Many people will make arrangements to write up a trust, but never fund it. If this happens, then the person assets are left in their name with no real plan on how to divide up the property. A trust is under the person’s name and funded by moving assets under a title on the account. The assets under the trust can include bank accounts, real estate and stock portfolios.
Some people are not aware of their legal rights when it comes to their assets. A lawyer can help with drawing up a plan and explaining the law. Many people hire an Estate Attorneys Libertyville law firm to prevent family members from fighting over their property.