This blog post discussed Estate Planning FAQs in the Plainfield, Oswego, Shorewood, Joliet, and Yorkville, Illinois areas. Estate planning is the process of planning for one’s disability or death. A solid estate plan empowers and eliminates conflicts. Gateville Law Firm concentrates in estate planning, asset protection, and real estate transfer planning in the Plainfield, Aurora, Montgomery, Oswego, Joliet, Minooka, Kendall County, and Yorkville, Illinois areas.
ESTATE PLANNING FREQUENTLY ASKED QUESTIONS
Here are four (4) frequently asked questions for estate planning law:
1.What is an Estate Plan?
An estate plan is the process of transferring one’s wealth to the next generation in a conflict free and cost-effective manner. An estate plan is an wholistic plan involving wills, living trusts, retirement plan trusts, and other estate planning strategies to eliminate conflicts and pass one’s assets to the generation generation. An estate plan should create a legacy of providing for the next generation of family members, friends, and loved ones. Most estate plans involve financial powers of attorneys, living wills, healthcare durable powers of attorneys, living trusts, and pour over wills.
2.Will my in-laws inherit our hard-earned money?
A top concern for most seniors is protecting their hard-earned money from their in-laws and their beneficiary’s creditor concerns. Most seniors and people want their money to go tax-free and conflict free to their minor children or adult children (or spouses). Unlike a last will and testament, a Living trust has a clause called a “spendthrift provision or clause”, which prohibits a creditor from attaching a beneficiary’s inheritance. A qualified estate planning lawyer can assist you and your family provide a solid legacy. An ill devised estate planning will cause family conflict and costs thousands to hundreds of thousands of dollars in legal fees and costs.
3. Is a Revocable Living Trust better than doing nothing or a Will?
A Living Trust or otherwise known as a “Declaration of Trust” or “Joint Family Trust” has several advantages over a Will. A Living Trust has a spendthrift clause, which prohibits your beneficiary’s creditors such as a divorcing spouse or creditor from attaching their inheritance unlike a Will. Second, a Living Trust is a private document, which does not have to be filed at the local courthouse. Furthermore, the privacy of the Living Trust makes it less likely to have a Will contests. Third, a Living Trust avoids probate court unlike a Last Will and Testament. Most people fail to realize that a Last Will and Testament must undergo the probate court process. Probate is an expensive and long process. Fourth, the Trustor or Maker of a Trust has the ability to control the Trust’s assets upon a death or a disability. A Trust can be established to protect a special need’s relative or a relative that has a serious illness or spending problem. A minor children’s trust also can be set up to manage one’s assets. In the local area, many families have insurance policies, real estate and other interests well above $500,000 in assets.
4. How do you re-title our assets into the Revocable Living Trust’s name?
Re-titling one’s assets into the Living Trust is crucial because the assets will pass according to one’s trust agreement. A Trust Agreement is a written agreement, which outlines one’s basic desires about how to set-up their estate plan. One of the strategies to avoid probate court is to properly change the beneficiary designations of one’s assets. For example, bank accounts and real estate property must be re-titled and placed into the Living Trust’s name.
PLAINFIELD AND YORKVILLE ESTATE PLANNING LAWYERS: ESTATE PLANNING FAQS
Gateville Law Firm is your real estate and estate planning law firm. Powerful and effective estate planning is our specialty. We can assist you with your living trusts, wills, powers of attorneys, and real estate legal needs. Attorney Robertson can be reached at 630-780-1034. We concentrate in assisting families with their estate planning and asset protection legal needs in the Joliet, Oswego, Plainfield, Yorkville, Kendall County, and Will County areas.