Rolling Meadows Wills and Trusts Attorney

Estate Planning Lawyers Providing Legal Help in Palatine and Arlington Heights

No matter your age, it is important to have a plan in place that will provide for your family's financial needs. Estate planning will not only allow you to make sure your wishes will be followed after your death, but it can also protect your assets and ensure that your own needs will be met throughout the rest of your life. An experienced attorney can help you determine the best ways to use tools like wills and trusts during the estate planning process.

At A. Traub & Associates, we understand the sensitive and personal nature of the discussions surrounding the end of a person's life. When working to create an estate plan, we will take the time to listen to your concerns and make sure you understand your options. With our help, you can build a solution that will provide peace of mind about your family's future.

Creating a Last Will and Testament

A person's will is used to state their last wishes and provide direction for how they would like certain matters to be handled following their death. A last will and testament will typically:

• Specify how the person's property should be distributed to their heirs.
• Name a person who will serve as the guardian of the person's minor children.
• Include any requests for how the person's funeral should be conducted, as well as instructions for what should happen to the person's remains, such as burial, cremation, or organ donation.
• Name an executor who will file the will in probate court, pay any outstanding debts, and handle the distribution of assets to the person's beneficiaries.

Holding Assets in a Trust

In addition to creating a will, a person may use a trust to protect certain assets and pass them on to their beneficiaries. When a trust is created, the person creating the trust (known as the grantor or settlor) will place assets in the control of a trustee and provide instructions for how the assets should be distributed to the beneficiaries named in the trust.

Multiple types of trusts can be used to safeguard assets and pass them on to one's heirs, including:

• Living trusts - These trusts are typically revocable, meaning that they can be changed or updated at any time. In addition to distributing assets to beneficiaries, living trusts can also be used to provide for a grantor's needs during their lifetime.
• Irrevocable trusts - These types of trusts cannot be changed once they have been created, and they may be used to realize tax benefits or to protect assets from being misused. 
• Special needs trusts - These trusts allow a person to help meet the needs of a loved one with a disability without affecting their eligibility to receive certain types of public benefits.
• Charitable trusts - These types of trusts ensure that assets will be donated to charity according to the settlor's wishes.

In addition to providing a great deal of flexibility, trusts allow a person to pass their assets on to their heirs privately and efficiently, without the need to complete the legal process of probate.

Contact a Mount Prospect Estate Planning Attorney

When you are planning for what should happen after your death, it is crucial to work with an attorney who can help you understand your legal options. At A. Traub & Associates, we will help you draft a valid will and determine whether you can realize benefits by creating a trust. We will answer any questions you may have and ensure that your estate plan fully addresses your family's needs. 

To arrange a confidential consultation, contact us at 847-749-4182. We provide estate planning services in Arlington Heights, Hoffman Estates, Buffalo Grove, Palatine, Inverness, Rolling Meadows, Long Grove, Mt. Prospect, Des Plaines, Elk Grove Village, Schaumburg, Wheeling, and throughout Northwest Cook County.