As its name implies, a living trust is created during a person’s life. This type of trust has two purposes: to manage property in the long term, or to save money and reduce tax liability. A living trust can help a person keep his or her case out of probate court, and it can protect a client’s assets and financial privacy should they ever become incapacitated or pass away.
Many people who want to draw up such a trust consider hiring a trust attorney. Hiring legal representation in these cases can cost up to $2,000, and the price does not always guarantee the best service. However, Trusts Attorneys in Chicago IL can be invaluable if a client does not want to do the work themselves.
The simplicity of creating a trust is comparable to that of creating a will, which many people do unassisted. To understand the ease of creating a living trust, it helps to know what goes into such a document. Most living trusts contain information such as:
- The trust creator’s name
- The name of the trustee (the person left in charge of the trust’s management; if it’s your trust, your name will be listed)
- The name of the person who will manage the trust and distribute its assets in the event the original trustee dies or is incapacitated
- The names of beneficiaries (those who will receive assets from the trust)
- The names of trustees who will manage assets left to minor beneficiaries
After you and your attorney draft a trust containing the right information, you’ll need to sign it in the presence of a notary. Then, you can use a transfer document or a deed to transfer assets into the trustee’s name.
Creating a living trust is simple, but you should still Browse the Website and consider hiring a lawyer for help. If your situation is unique, or if you have a large or complicated estate, hiring Trusts Attorneys in Chicago IL can help you find answers to many questions. Before hiring, though, you should do your research and learn about the basics of living trusts. Learning the facts can save you a considerable amount of money, especially if you decide to do it yourself. You can visit Nelson David Blocher
