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Orland Park Trust Attorney

Homer Glen estate administration lawyer

Estate Planning Lawyers Assisting With Living and Revocable Trusts in Tinley Park and Oak Forest

When you work to build a good life for yourself and your family, you want to ensure that your family will be able to reap the rewards of your labor. Taking steps to protect the assets you own and pass them on to your loved ones after your death is one of the most important things you can do. While creating a will is an important step in the estate planning process, you may also want to consider using a trust to protect your assets and provide financial security for yourself and your family both before and after your death.

The attorneys of Anderson and Associates, P.C. have been working with families for over 30 years to provide them with estate planning solutions that protect their financial interests and meet their families' needs. We can work with you to help you understand your options for using a trust to transfer your assets to your loved ones.

Different Types of Trusts

A trust is a legal agreement that places property under the control of a trustee, who will follow the terms of the trust to distribute the property to the beneficiaries named in the trust. There are several types of trusts, including:

  • Revocable Trusts - The terms of this type of trust can be changed at any time by the person creating the trust (known as the grantor), giving them control of their assets while they are still alive.
  • Irrevocable Trusts - With this type of trust, the grantor gives full control of their assets to the trustee, and they cannot change the terms of the trust after it has been created. This type of trust can be used to protect assets from creditors or estate taxes and distribute them to family members according to a specific schedule.
  • Living Trusts - These types of trusts become effective during a person's lifetime, and they may be revocable or irrevocable. The grantor will typically serve as the trustee while they are alive, and a successor trustee will take control of the trust following their death or incapacitation. These types of trusts can not only be used to pass assets to beneficiaries, but they can ensure that the grantor will have the financial resources they need near the end of their life.
  • Testamentary Trusts - These trusts are created as part of the terms of the grantor's will, and they go into effect after their death. A testamentary trust is revocable while the grantor is alive, and it becomes irrevocable after their death.
  • Special Needs Trusts - This type of trust allows a grantor to provide financial resources for beneficiaries who have special needs or disabilities without jeopardizing a beneficiary's ability to receive government benefits.

Benefits of Using a Trust

After a person's death, their will is filed in probate court, and it becomes part of the public record. Trusts, however, are private, and they allow a person to distribute their assets to their heirs without releasing their financial information to the public. A trust can also protect assets from being seized by creditors or being subject to estate taxes.

Contact a Cook County Estate Planning Attorney

A trust can ensure that your assets are managed correctly and distributed to your heirs, and it can provide you with financial resources if you become incapacitated or disabled. At Anderson and Associates, P.C., we can help you create a trust that protects your financial resources and meets your family's needs. Contact our Orland Park estate planning lawyers at 708-226-9904 to set up an consultation. We serve clients in Homer Glen, Palos Heights, Oak Forest, and Mokena.

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