Geneva, IL Lawyer for Establishing a Trust

Attorney for Creating Living Trusts, Irrevocable Trusts, and Special Needs Trusts in Kane County, IL

When creating an estate plan, a will serves an important purpose with regard to making your wishes known and outlining a plan for the distribution of your assets. However, wills have their limitations, and you may find it necessary to take additional steps to protect your assets and distribute them in a certain way that best serves your interests and your family's needs. One common estate planning strategy that you may find beneficial is the establishment of one or more trusts.

There are many types of trusts available depending on your intended purpose. At Loire Krajniak Law, LLC, our knowledgeable estate planning attorney Reese Krajniak can help you understand your options and make the right choice for your family. Reese can also help you draft the terms of the trust in accordance with state and federal laws and ensure that the trust operates as intended.

What is a Trust?

Upon a person's death, the assets of their estate are typically distributed to their heirs during the probate process, either according to the terms of their will or their state's intestate succession laws. However, many people choose to establish trusts before their death, which allow their assets to be distributed in different ways. When you create a trust, you set aside certain assets such that they are no longer part of your estate. These assets are placed under the management of your chosen trustee, who will safeguard them and manage their distribution to your named beneficiaries after your death.

Depending on the type of trust you establish, they can offer many possible benefits, including:

• Protecting your assets from the challenges of the probate process
• Allowing you greater flexibility regarding the distribution of your assets
• Reducing or eliminating your estate tax obligations
• Protecting your assets from creditors and lawsuits
• Maintaining your beneficiaries' eligibility for other financial benefits

If any of these benefits could help you or your family, it is well worth considering establishing a trust as part of your estate plan.

Types of Trusts

If you are interested in creating a trust, the next step is to determine the type of trust you need. We can help you establish a variety of different trusts, including:

• Revocable living trusts- A living trust is established to hold some of your property and assets during your lifetime and distribute them to your beneficiaries after your death while avoiding the probate process. You can remain as the trustee of these assets while you are living, and you have the ability to access the assets or revoke the trust as you see fit.
• Irrevocable trusts - An irrevocable trust removes the assets from your access, but also protects them from lawsuits or creditors. Assets held in an irrevocable trust are not considered in the value of your estate, so this strategy can also help you avoid paying estate taxes.
• Testamentary trusts - A testamentary trust is established through the terms of your will and takes effect only upon your death. It is also a useful strategy for avoiding probate and taking greater control of the process of distributing assets.
• Charitable trusts - A charitable trust is created for the specific purpose of distributing your assets to a charitable organization or cause.
• Special needs trusts - A special needs trust is created to provide financial resources to a child or dependent who has a disability, with special terms to ensure that the trust distributions do not make the recipient ineligible for Social Security and other government benefits that require the recipient to have income below a certain level.

You may find that your needs are met by one trust, or that you and your family would be best served by a combination of different types of trusts.

Contact a Geneva Trust Attorney

With 10 years of legal experience, we understand the important details involved in creating a trust, and we can provide the guidance you need to incorporate a trust strategy in your estate plan. Contact us today at 630-448-2406 to set up a free consultation. We provide estate planning legal services to clients in Geneva, Sugar Grove, and Yorkville, as well as the surrounding areas in Kane County, including Bristol, Plano, Big Rock, and Aurora.