schedule
consultation
107 E Eureka Ave, #1
Eureka, IL 61530
121 N Main St
Bloomington, IL 61701
309-467-3213 schedule consultation
schedule consultation

Key Elements of a Trust and Why To Have One

Published on July 22nd, 2020

Estate Planning Lawyer

When it comes to financial matters, preparation is critical. This is true at any stage of life, and it’s even true after you die. If you pass away and leave your surviving family members with no direction on what to do with your estate, confusion and frustration could ensue. You could put your loved ones in a difficult position. To reduce many of these stresses, you should establish a trust. This is a vital component of any estate plan.

What it Is

A trust is legally binding and takes effect from the day you finalize it. This is different from a will, which is valid when you die. In a trust, you express your wishes of how and where you want your property, possessions and finances to pass when you leave this life. In a trust, you designate beneficiaries, or people who will inherit these items when you die. While you are still living, and after you have created the trust, a trustee will oversee these assets. In some forms of trusts, you may revise the terms based on changing circumstances.

Why Set one Up

Failing to set up a trust can create challenges upon your death. For example, your property will pass through probate, resulting in lengthy, costly court proceedings. This also allows your assets to stay private and under the control of people you trust. In a trust, you can decide which family members will inherit specific items. A well-crafted trust can eliminate family divisions and arguments, as there will be no confusion over what will happen to your property when you die.

How To Do It

It’s best to get legal help when you begin to create a trust. An experienced attorney has the knowledge and training to properly craft a legal trust. Your lawyer will make sure you include all important elements of a trust and that you don’t leave out any important items. Your lawyer will also ensure that you feel comfortable with the document before it becomes official.

Peace of Mind

It may seem odd to start planning your death, but a trust is an essential piece of estate planning. This will protect both you and surviving family members later on. There are also different types of trust for various situations. Your attorney will help you choose one that makes the most sense.

Start creating your trust today. Contact an estate planning lawyer, like the Yee Law Group, so you can be ready for the unexpected.

Tags:

Back to News

EUREKA, IL LOCATION

107 E Eureka Ave, #1
Eureka, IL 61530

309-467-3213

24/7 live phone answering

BLOOMINGTON, IL LOCATION

121 N Main St
Bloomington, IL 61701

309-821-0246

24/7 live phone answering

KANKAKEE, IL LOCATION

2 Dearborn Square #1D
Kankakee, IL 60901

309-821-0246

24/7 live phone answering

Contact Us Today!