A will is a legal declaration by which a person, the testator, names one or more persons to manage his or her estate and provides for the distribution of his property at death.

Laws governing the creation and administration of a will differs from state to state. In Illinois, every person who has attained the age of 18 years and is of sound mind and memory has power to bequeath by will the real and personal estate which he has at the time of his death.  Others rules for a last will and testament in  Illinois is the will must be in writing, witnessed by two disinterested individuals, and a self-proving affidavit can be attached.

A trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a settlor, who transfers some or all of his or her property to a trustee. The trustee holds that property for the trust's beneficiaries.

You can put almost any asset into a trust including real estate, cash, stocks and bonds, certain insurance policies, and tangible personal property.  A trust goes into effect when the trust creator signs the document, unlike a will, which goes into effect when the creator dies and only after it is admitted to probate court.

There are many benefits of a trust including:

• Avoid Probate Fees, Costs, Delays:  A fully funded trust bypasses the probate process, and assets are transferred according to the terms of your trust. By avoiding probate, you can accelerate the distribution of your estate by reducing the time necessary to settle your estate.

• Reduce or Eliminate Taxes: A fully-funded trust can significantly reduce estate taxes and estate settlement costs, and can even be structured to help reduce income taxes.

• Control During Disability:  A trust creates a plan for the management of your affairs by the person or people of your choosing if you one day become incapacitated.

• Control Distribution:  Your instructions control how your assets are managed, and you determine the allocation of those assets among your beneficiaries.

• Control Timing:  You determine how and when beneficiaries receive your assets.  Should you and your spouse pass away earlier than expected, your trust can be arranged to hold your children’s shares until they reach a specified age, instead of an outright distribution at age 18.

• Provide Asset Protection for your Beneficiaries:  You can give your beneficiaries the option of leaving their inheritance in trust, thereby protecting it from creditors, litigation, potential failed marriage, or other legal problems.  You can take comfort in knowing that the assets held in trust for your surviving spouse can prevent creditors’ attempts to reach trust assets; this protection can extend to your beneficiaries after you and your spouse are gone.

• Provide for Business Continuation: Your trust can direct how your trustee will continue business operations in the event of your disability or death.

• Peace of Mind For You and Your Family:  Your instructions direct how your financial and personal affairs are to be conducted.    You select the appropriate person(s) to “stand in your shoes when you cannot speak for yourself,” including Trustee, Agent for Health & Property, and Guardian(s) for your minor/special needs children.  This kind of preparation helps avoid family disagreements.

• Provide Confidentiality:  In probate, wills and their accompanying asset inventories are made public.  Trusts are virtually never presented for probate, therefore remain private.

• Preserve Your Legacy:  Your estate plan can reflect and further your values, your beliefs, your opinions, and your goals during your lifetime and even after you pass away.

Probate is a judicial process by which property is transferred from a deceased person to that person’s heirs.  In Illinois, if the estate includes $100,000 and/or real property, it must be probated.  The probate process takes at least six months, and sometimes years, to complete.

We want to make this process as easy on you and your family as possible.  When you meet with us, we will explain the probate process, assess your situation, and help you proceed with the administration of the estate including probate, trustee services, will contests, creditor claims, and citations to discover or recover assets.