Wills and Trusts are the building blocks of an effective estate plan. For most people the question is not whether you should have a Will, but rather whether a Will is sufficient for your needs.

A Trust is a legal instrument by which property is held, by a trustee, for the benefit of a beneficiary. There are many uses for Trusts, for example:

• Protect and manage your assets if you become disabled
• Privacy
• Avoidance of probate court
• Protect assets from creditors
• Minimize estate taxes
• Efficiently distribute assets to your family
• Provide for the  care of Special Needs individuals

While having a Will is better than not having one at all, for many people it may not fully accomplish their estate planning goals. In many circumstances, you also should explore establishing a Living Trust to avoid the costly and time consuming probate process and to plan for incapacity.

Establishing a Last Will and Testament lets you determine how your assets will be distributed upon your death.  If you don’t have a Will, Illinois Statutes determine who inherits your estate upon your death and are often times not in line with your wishes.  Clearly defining your wishes now through an effective Last Will and Testament will one day help your family through a difficult time.

Most people should also consider a Living Trust, also called a Revocable Trust.   A Living Trust is a legal document that creates a trust to which you transfer assets during your lifetime.  This type of trust is revocable, meaning it can be revoked, amended, or changed by you at any time.

During your lifetime, you manage and control the assets that are transferred to the trust, just as if you owned them in your own name.  When you die, these trust assets are passed to whomever you designated in the trust automatically, outside of the probate process.

There are many other powerful uses for Trusts. Gretchen Neddenriep LLC, can provide the necessary counsel to help you create a Will or Trust.  We understands the sensitive nature of discussing your needs, and take time to understand your goals for your family, charitable organizations, and other causes.  We takes pride in handling legal matters for clients in a caring and professional manner.