A Chicago Wills & Trusts Attorney can assist you in preparing for your future. This includes establishing estate planning tools to ensure your wishes are met after your death or incapacitation, and that your loved ones are provided for with as little legal complications as possible. Our attorneys can help you draft and review important documents such as a will, trust, and durable power of attorney. We are also well versed in resolving complex tax matters and wealth transfers.
An effective estate plan can minimize federal, state, and gift taxes and may provide significant benefits for your family. Our attorneys specialize in assisting clients with transferring assets to younger generation family members and other persons you wish to benefit, such as charities. This often requires an in-depth understanding of state and local law, and the ability to communicate that knowledge clearly to your clients.
One of the most important services a trusts and estate lawyer can offer is helping you to avoid probate. Probate is the process by which a person’s estate is reviewed and their stated wishes validated after they pass away or become incapacitated. Having a proper estate plan in place can reduce the cost and time of this process. However, if you have significant and complex assets such as residential real estate, it’s likely that your estate will require a probate court review.
We can help you avoid the costly and time-consuming probate process by putting your assets in a trust. Trusts allow you to name trustees and beneficiaries, and set out clear instructions on how your assets are to be distributed to these parties after you die or become incapacitated. Trusts can also be established to hold property for minor children so that they can have access to it over a period of time rather than being given it all at once, or to protect an individual’s special needs without disqualifying them from public assistance.
Our firm can also assist you in establishing trusts to manage your affairs during your lifetime, so that you can continue to enjoy your investments and the fruits of your labor. We can set up irrevocable trusts to provide protection against creditor claims, and revocable trusts to preserve your assets for the future. We can also help you establish trusts to pay for healthcare or financial decisions on your behalf if you are unable to make them for yourself with a Durable Power of Attorney.
A skilled trusts and estate attorney can also assist you in resolving disputes that arise during the probate or estate administration process, including claims of undue influence or improper beneficiary selection. We will investigate these claims and, if necessary, take the appropriate action to enforce your rights as a beneficiary or executor of an estate or trust. This could include litigation involving claims of breach of fiduciary duty, fraud or undue influence, or the failure to follow state and local laws. We will work to resolve your case as quickly and efficiently as possible.