South Elgin Wills and Trusts Attorneys

Lawyers for the Creation and Administration of Wills and Trusts in Kane County

Wills and trusts can be effective tools to use in estate planning, wealth preservation, and asset protection. They can be used for strategic purposes based on the circumstances of a person and their family. While they can help to manage and protect assets, the ultimate goal will be to pass the assets a person owns to their heirs based on their stated intentions.

A will names an executor who will be responsible for following the instructions listed in the document after a person's death. A will typically encompasses all property and assets, with certain exceptions, including assets held in joint tenancy, assets in a trust, or assets with specific beneficiary designations.

A trust is created to hold assets that will be managed by a trustee. While a person may act as the trustee of their trust while they are alive, a successor trustee may act on their behalf if they become incapacitated. After a person's death, the trustee will distribute assets to the beneficiaries. Trusts may be a good option for those who are seeking to avoid the probate process or minimize potential estate taxes.

If you need assistance with a will or trust, the attorneys at Ariano Hardy Ritt Richmond Lytle & Goettel P.C. can provide guidance on the options available to you. We have over 35 years of experience practicing law in Illinois. Our estate planning team can help you understand the roles that wills and trusts may play in your situation. We will work with you to create a comprehensive plan that will meet the needs of you and your family.

The Importance of Wills

If a person passes away without a will in place, then the probate court will appoint an administrator who will oversee the estate and distribute the assets among the person's surviving heirs according to state law. A will is important so that a person's assets will be distributed based on their specific wishes. Rather than a court-selected administrator, the will names an executor of a person's choice. A will can also make important designations, such as guardianship for any minor children.

Requirements for a Valid Will

Certain steps must be taken to ensure that a will is valid, including:

• The creator must be an adult (18 years old), and they must be in sound mind (competent) when establishing the will.
• This legal document should be done in writing.
• The will must be signed by the maker in the presence of two witnesses.
• Beneficiaries, who should not be witnesses, will be named in the will, and assets will be allocated among them.
• Wills may be altered at any time prior to a person's death.

A "living will" is a separate document that will be unrelated to assets or beneficiaries. Instead, it can make certain end-of-life decisions that will apply in situations where a person is terminally ill and cannot express their wishes. For example, a living will can specify whether a person wants to be kept alive through life-support equipment or not.

Trusts in Illinois

Trusts will typically be created while a person is alive to hold and manage their assets and provide instructions for how assets will be passed to beneficiaries. One key advantage of a trust is that all assets contained within it may bypass the probate process. A trustee will be assigned who will manage the trust after a person's death or handle certain financial issues in situations where the person becomes severely disabled.

Assets that have not been transferred to a trust will not follow the terms of the trust. The distribution of these assets after a person's death will be handled through the probate process. For this reason, a will should always be in place to account for any assets that have not been included in a trust.

Contact Our South Elgin, Illinois Will and Trust Lawyers

The law firm of Ariano Hardy Ritt Richmond Lytle & Goettel P.C. has earned a reputation in the local community for our ability to help clients address estate planning issues efficiently, including will and trust creation, asset protection, and probate and tax planning. We work to help our clients preserve their wealth and make sure their estates will be handled according to their wishes. For a free consultation, contact our Kane County wills and trusts attorneys today at 847-695-2400.