Dedicated estate planning attorneys assisting clients with all of their estate planning needs in Libertyville, Buffalo Grove and Arlington Heights.
Proper estate planning is essential to ensure that your wishes are carried out. There are several ways to obtain the intended effect to meet your estate planning needs. To determine the plan that is best for you or your loved one, you should speak with an experienced Estate planning attorney. Newland & Newland, LLP is a full service estate planning law firm with five different offices throughout Illinois for the convenience of our clients. It is never too late to get your affairs in order. If you or your loved one is in need of estate planning assistance, contact Newland & Newland, LLP today to schedule your initial consultation.
Understanding the Differences in a Living Trust and Will
A living trust is a legal document created for estate planning purposes. Similar to a will, a living trust allows an individual to designate beneficiaries that will receive assets following your death.
While there are some similarities, there are some key differences in the terms used and effect:
- A will has no effect until the death of the creator of a will. In a living trust, the creator of the trust will have all of their assets transferred into the trust as soon as the trust is created.
- You must name a trustee in a living trust. The trustee is essential to avoiding probate as the named individual will be responsible for administering to trust beneficiaries in accordance with the terms of the trust.
Avoiding Illinois Probate
There are a variety of reasons to obtain a living trust. One main reason is to avoid probate. A living trust, if properly executed, is an effective way to avoid probate of many different assets. Some common aspects include bank accounts, real estate, vehicles, personal belongings such as jewelry, and more. While avoiding probate may be a beneficial reason for creating a living trust, a complete analysis of your or your loved one's circumstances are crucial to determine if there are other suitable ways to meet your needs.
Contact Newland & Newland, LLP today
Estate planning considerations are essential if you own anything of value or have minor children. Many different factors have the ability to impact your estate planning needs and decisions. Newland & Newland, LLP is one of Illinois' chosen law firms because we take the time to really hear what needs our clients wish to fulfill and draft legal documents that are unique to fit each client's needs.
Our practice was built on individualized care ensures that every estate planning client's wishes will be carried out in the way the client intended. To obtain personalized representation contact Newland & Newland, LLP today. Newland & Newland, LLP is a full-service estate planning law firm with five offices located in Arlington Heights, Libertyville, Chicago, Cary, and Waukegan.