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Wills & Trusts Attorney in the Chicago Metropolitan Area
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Estate planning is an important process that every person should partake in. Thankfully, there are multiple options available to create an estate plan, so you can find the method that works best for your situation.
Wills and trusts are two of the most popular types of estate planning tools. Through the creation of these documents, you can securely establish your wishes. With the help of Wolff Legal, you can meet your estate planning goals.
Do I Need a Will?
Yes, you do need a will! Many people believe in the misconception that creating a will is only necessary if the subject of the will has significant assets — but this is simply not true. Everyone should have a will in place, regardless of what property may be listed in it.
A will is more than an inventory of assets that must be redistributed upon a person’s death. In a will, you can also outline your wishes in case of medical incapacitation, name a guardian for your children, and appoint an executor to handle your posthumous affairs.
The terms of a will can also be adjusted to reflect any changes to your life. For example, if you have another child, you can edit your will to include them as a beneficiary.
The possibility of dying intestate, or without a will, is a major reason that drafting such a document is necessary. When a person dies intestate, the state makes decisions about terms that would have been included if a will had been drafted. Overall, the existence of this document will ensure your wishes are carried out according to your desires and that your loved ones encounter minimum hassle in the aftermath of your death.
What is a Trust?
Trusts serve a similar purpose to wills, as they are a method of establishing one’s wishes in the event of their death. However, key differences make trusts separate from wills.
Trusts primarily focus one asset distribution, unlike wills, which can include other terms. A primary draw of creating a trust instead of or in addition to a will is that trusts do not need to be discussed in probate court. The terms of a trust generally cannot be challenged in court. Trusts are also private, while wills are public record.
How an Attorney Can Help You
Navigating the world of estate planning can be confusing. It is essential to have a legal professional on your side for guidance.
We can assist you with understanding the differences between wills and trusts and determining which type of document is right for you. Once you make that decision, we can help you with creating a will and/or trust. Our lawyer can also assist with modifying an existing document, serving as an executor for a family member, and more.
Call for Assistance
Whether you are interested in establishing your own will and/or trust or need assistance with understanding a loved one’s documents, Wolff Legal can help. Contact us today to get started.