Chicago Trust Attorneys

In this article, our Chicago will attorneys discusses the process of creating a will that covers the creators wishes when they pass. A will is a legal document that sets forth the wishes of its creator (known as a “testator”) in the event of death. The purpose of a will is to be recognized by a probate court as the governing document for the management of the testator’s estate. In your will you should include the following clauses that accomplish the following: name beneficiaries, name an executor, and name a guardian for minor children. While a will need not be drafted by an attorney to be legally valid, there are many reasons that working with an attorney is advisable: having an attorney draft your will is not expensive, attorneys help avoid ambiguities, attorneys can ensure that your will is valid, attorneys can help you avoid mistakes regarding setting forth your wishes, and attorneys can counsel your options.

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In this article, our Chicago trust attorneys explain how to modify a Chicago trust. If an estate plan does not consider unforeseen changes or circumstances, there is a potential for litigation by beneficiaries. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways to specify exactly how and when the assets need to pass to the beneficiaries. Because trusts usually avoid probate, your beneficiaries may gain access to those assets more quickly than they might to assets that are transferred using a will. Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially reducing estate taxes, too. A trust reformation is the modification of an irrevocable trust to address unanticipated changes that have occurred since its establishment or to clarify the language of the trust instrument for the benefit of trustees and beneficiaries. While it is possible to reform a trust for various reasons, trustees and beneficiaries do not have the power to change an irrevocable trust simply because they want to. There are several reasons why one would consider a trust reformation.

In this article, our Chicago trust attorneys explain the methods that can be utilized to use trusts to minimize or eliminate Illinois and federal estate taxes. Our Chicago trust lawyers discuss the use of AB Trusts that can essentially double the Illinois estate tax exemption if you the person is married. Using irrevocable life insurance trusts, the death benefit can be removed from your life insurance policies from the value of your estate for estate tax purposes.

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