Wills & Trusts AttorneysCrystal Lake, Illinois
Writing and developing a will is a complicated process and seeking legal advice from the Crystal Lake will attorneys is recommended to ensure that the documents are done correctly. A will is an important document that the court will follow in distributing your assets when you die. Without a will, the court will follow the legislature’s direction as to who will receive your property. Many people expect their spouse to get all of their assets, but in Illinois, that may not be the case.
If a decedent was married, with children, the spouse will get ½ of the assets, while the children will split the remaining ½. If this is not what you intend, then you need a will. If both parents of a minor child die in Illinois, the courts may appoint a guardian of that minor child. With a will, you can state a preference for who that guardian will be, which the court will not lightly overturn. A will must be executed precisely in accordance with the law and without seeking legal advice there are many laws that can be misunderstood, therefore your will could be nullified.
Not many people understand what a trust is and how it differs from a Will, but our Crystal Lake trust attorneys can help you through the process. There are many types of Trusts, but the one main benefit of all trusts is how they will keep your estate separate from your will after death. Some people create a Trust for reasons such as; those who are in danger of paying federal or state estate tax may be able to use a trust to avoid paying some or all of the tax.
People who have children with disabilities may be able to create a trust to enhance the quality of life for those children and people concerned with when their children will inherit, or who are concerned about their children’s maturity can create a trust which delays payments in the event of their death. All of these types of people are prime candidates for a trust.