Trusts are legal documents which are an important part of an estate plan, and can be used to supplement a will, or be used in place of one for the ultimate distribution of property. There are two types of trusts-a testamentary trust which is put into action after your death, and a living trust which you can use to manage your estate during the course of your life. To ensure that your trust is in full legal compliance, it is advisable to work with a qualified estate planning attorney. The law firm of Charles T. Newland & Associates has more than 30 years of experience serving clients throughout Cook and Lake County with legal services, and we are here to help you create a trust that protects you and your loved one’s interests.
Unlike wills, trusts provide for management of assets prior to death by the trustee. While you are alive and well, you serve as your own trustee. Upon your death or disability the party you nominate in the trust document takes over the management of your assets and property as your successor trustee and follows the directions and terms you directed in the document. As we begin the estate planning process, we can advise you on selecting a trustee and determining the best course of action for dividing and distribution of your assets. Trusts also give you increased flexibility, allowing you to easily amend them throughout your life (living trust), and allow you to designate when beneficiaries receive your assets, such as a minor child having access to large sums of money when they reach a certain age. By adding a trust to your estate plan, you can rest assured knowing you have provided for your family and friends each step of the way.
Would you like more information about estate planning? Do you want to know if creating a trust is right for you? Contact us at the law firm of Charles T. Newland & Associates to request your free consultation.