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Anderson and Associates, P.C.

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Schaumburg Trusts Attorney

Barrington Living Trust Lawyer

Lawyers for Establishing Living Trusts in Rolling Meadows, Palatine and Surrounding Areas

Providing financial security for your family following your death is one of the most important actions you can take, no matter your age. Creating a will that specifies your beneficiaries and the guardians of your minor children is one of the key aspects of estate planning. It can also be beneficial to establish a trust to not only protect your assets and transfer them to your beneficiaries, but also make sure you receive the elder care you need or are provided for if you become incapacitated.

Types of Trusts

Each trust names a grantor (the person who creates the trust), a trustee (the person who carries out the terms of the trust), and beneficiaries (the people who receive any property from the trust). Trusts can come in several forms, including:

  • Living Trusts - In this case, the grantor, trustee, and beneficiary are initially the same person, and the trust is effective during that person's lifetime. With a living trust, you can provide for yourself near the end of your life while specifying what will happen should you become mentally or physically incapacitated, as well as how your estate will be administered following your death.
  • Irrevocable Trusts - This type of trust makes permanent decisions about how to distribute assets, and it can be used to safeguard those assets from any demanding or abusive family members.
  • Children's Trusts - This type of trust can provide for minors either during your lifetime or after your death. It can go into effect when you die or when children reach a certain age, and it can be used to pay for their education, healthcare, or other needs.
  • Special Needs Trusts - Third party special needs trusts can provide financial assistance to children or adults with disabilities without causing them to lose their eligibility for any public benefits.

Benefits of Trusts

One of the key benefits of establishing a trust is that it allows property to be distributed directly to your beneficiaries following your death, without being subject to probate. Unlike wills, which become publicly available after being filed with a court, trusts are private.

Trusts provide a great deal of flexibility for managing your estate, and if the trust is revocable, its terms can be amended at any point before your death. If you establish a living trust, it can provide you with comprehensive disability planning, designating someone to take over maintenance of the trust should you ever become incapacitated.

Establishing Financial Security For You and Your Heirs

At Anderson and Associates, P.C., our skilled and knowledgeable estate planning attorneys have over 30 years of experience helping clients create wills and trusts and ensuring that they and their families have financial security both before and after their death. We can help you understand your legal requirements and represent you in any probate matters. Please contact a Schaumburg estate planning lawyer at 847-995-9999 for an initial consultation. We assist clients in Hoffman Estates, Palatine, Barrington, Rolling Meadows, and throughout the greater Chicago area.

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