One of the most effective estate planning tools is a living trust. If you want to spare your family or other heirs the time and expense of probate, an attorney can help you create an Estate Trust in Lake County, IL. Whether you have a lot of property or only a home and a few other assets, a trust can ensure that your assets are transferred seamlessly and quickly to the people you want to have them.
While a will provides instructions to the probate court regarding the distribution of your assets after your death, it can cost thousands of dollars for your heirs to get the property that you want to leave to them. On the other hand, when you transfer your real estate and other assets into a living trust, the probate process is avoided and your loved ones can take possession of their inheritances almost immediately.
A lawyer can help you set up an enforceable trust and transfer your assets into the living trust. By naming yourself as the trustee of your living trust, you will retain ownership of your assets as long as you are alive. When you die, the successor trustee will handle the transfer of your property to the people and organizations that you named in the trust. Your heirs will not incur the expenses of probate court, which include appraisals of property and resolution of debts.
If you decide that you would like to add assets to your trust or change the beneficiaries of assets that are already included in your living trust, your lawyer can make the changes to ensure that your property is passed on to the heirs of your choice. Married couples can use one trust to pass joint assets to loved one or separate trusts to seamlessly transfer separate property.
There are several options available to people who want to avoid probate proceedings after their death. An Estate Trust in Lake County, IL is an easy and efficient way for property owners to transfer their real estate to their heirs while retaining ownership and control of the property during their lifetime.