If you wish to safeguard your estate assets and pass them on safely after death, you will want to set up a living trust. This is a legal strategy that is designed to help your loved ones to avoid probate in the event of your death, while simplifying your estate settlement procedures. Compared to other estate planning methods, living trusts come with numerous advantages. The most prominent benefit is exemption from probate, which necessarily reduces the chances of your will being contested.
There are numerous reasons you will want to avoid probate. For instance, the process is often very expensive as well as being extremely time-consuming. This is because your estate assets will not be transferred to your beneficiaries until the completion of every aspect of the probate. Besides, complications may arise, extending the duration of the probate.
Moreover, family members may be able to contest your probate will by laying such claims to assets that you did not bequeath to them. In such a case, it is appropriate to hire Trusts Lawyers in Chicago IL to assist you resolve the issue. Such a legal practitioner will be paid by the estate, thus there will be a possibility of a forced sale in a bid to cover such costs that are ordinarily associated with litigation.
The process of probate may be expedited by leaving the last will and testament. However, the will cannot offer you protection in the event that conservatorship is needed. For instance, if you become incapacitated as a result of physical or mental conditions, your family will be required to go to court to become the legal conservator. This will allow them to make decisions on your behalf while managing your living arrangements until you become capable of making sound choices.
In contrast, you may use your living will to appoint a conservator, who will handle your personal affairs. This will save you from having to go to court; your designated conservator may commence with any necessary arrangements.
In addition to establishing a living trust, it is essential that you also develop a complete estate plan that consists of a last will and power of attorney documents. The will be useful in conveying such property that is not included in your living trust. Visit Blocher-law.com to access competent Trusts Lawyers in Chicago IL who will assist you in creating a reasonable living trust. You can also visit their Google+ profile for more information.