Making plans for your assets, and how they are to be distributed upon your death, is a complex and challenging activity. There is more than one way it can be done, and most are unsure as to the best choices for their particular situations. Should you do a will or a living trust? Which is the best approach to your estate? Because this is such a crucial matter for all living in Illinois, it is best to turn to Algonquin trusts & estates lawyers.
Wills and Other Vehicles
After all, you might find yourself becoming more confused and less sure of your options and choices without authentic legal counsel. As evidence of this, let’s just look at the use of what is known as a living trust. This is something active in your lifetime as well as upon your death. It can stand as the foundation of your estate management plan, but you need to understand the implications to you personally if you chose to use it. It is experienced Algonquin trusts & estates lawyers who can help you navigate the sea of questions, answers and options.
What Is a Living Trust?
Let’s stick with the living trust to help you realize the value of legal expertise in estate planning. The living trust allows you to activate the document while you are alive, handing over control of your assets to your chosen executor before your passing. Not only does this give you the comfort of knowing you don’t have to worry about legal and financial matters at the end of your life, but it allows your heirs to avoid the prolonged headaches of probate.
Why One or Another?
If privacy is important to you, and you don’t want your heirs to deal with complex legal issues (such as reading and understanding a will), the living trust is a good answer. While it can be a bit difficult if you have kids and want to assign a guardian (the living trust has no method for doing this), it can also be a wonderful option. You can also opt for a more traditional will if you have children, need to maintain financial control or will make changes in your estate plans.
How do you get started? As we said, it is with a skilled trust and estate lawyer that you get off to the best start. Contact Jackson Abdalla Law Group today at (773) 550-3853 or email us at firstname.lastname@example.org.