Trusts, Wills & Estates

Trusts, Wills & Estates Attorneys Chicago

Over the years, you have worked to build up an estate; so, when you pass away, what exactly is going to happen to it? When you call our team at Estate Planning Lawyers Chicago, we can assist you in planning what happens to your money and assets, prior to and after your death, to ensure it goes into the right hands.

Include a Will

No matter what you possess, a will should be included in every trust; if you do not own much, a simple will is generally sufficient. If a real estate is involved, assets can be held in a trust, and will pour over into the will. This lowers taxes, helps avoid probate, and it directly indicates where things should go, after your death. If there are assets outside the trust, your pour over will dictates what will happen to them.

In the state of IL, if the value of the personal estate is under $100,000 a small estate affidavit will transfer property, except real property, outside of probate. The same is true in IN, only if the value of the property is under $50,000

Your Trust

When you hire trusts, wills & estates lawyers Chicago, you will learn there are two trusts, a revocable, and irrevocable trust. A revocable trusts allows the grantor to change it during their lifetime, and assets held at the descendant’s death are taxable. An irrevocable trust does not allow for modification, and the assets held are generally not subject to estate taxes.

If you have a larger estate, our team of trusts, wills & estates lawyers Chicago know how to value the property, for tax discounts, and gifting, which is allowed by the IRS, to escape certain tax burdens. Limited liability entities and specialized trusts are used to accomplish this end.

Executor & Administrators

At Estate Planning Lawyers Chicago, we can help you devise a plan, but can also aid executors and administrators after your death. Probate is the process where transferring of property and assets occurs. If you are an individual that is named, or would like to be named as an executor, we can help in the process of adding you, and other services that you might require during the probate process. Regardless of the additional probate matters that follow, or what you need in terms of your will or trust matter, our team of legal professionals is here to help, and guide you through the entire process.