When a person dies with only a will to determine who inherits their assets, a probate case is opened and it can take months or even a year for the property to be transferred to its intended recipient. In addition to being lengthy, the probate process is also expensive. Attorney fees and court fees are paid from the estate, reducing the amount of assets that can be given to loved ones.
Only a few categories of assets can be distributed to heirs without involving the probate court. These are limited to retirement and deposit accounts that have a beneficiary designation on file, life insurance policies, jointly owned real estate with a right of survivorship and property that is owned by a trust. An Estate Trust in Lake County IL can help someone who has a lot of assets that they don’t want to be tied up in probate court for a long time.
One of the most popular estate planning tools is a revocable trust. When you add assets to this kind of trust, you retain ownership over them while you are living. When you die, the successor trustee will transfer your property to your heirs according to your specifications. Some parents set up additional trusts for assets until their children come of age or meet predetermined milestones. A lawyer can discuss the benefits of testamentary trusts with you if you are interested in setting up a trust for your children.
While an Estate Trust in Lake County IL is a valuable estate planning tool, everyone should also have a will. A will is the place where you designate an executor of your estate to work with the court to pay your debts and disburse your assets to your heirs. You can also name a guardian for your children in case you and your spouse die before your dependents.
An experienced attorney can walk you through the estate planning process. An estate attorney such as Charles T. Newland and Associates can help you understand the intricacies of estate planning and create a plan with you that will meet your needs and the needs of your heirs before and after your death.
