Planning an Estate Trust

by | Feb 26, 2013 | Lawyers

Planning and estate trust in Buffalo Grove requires the services of an appropriately experienced estate attorney. The attorney must adhere to Illinois state laws regarding probate, wills and trusts. When you plan your estate you have a choices as to how and when the assets are distributed. For instance, you can leave things in your will for your family or friends to inherit after you pass away, or you can put certain things in ‘trust’ for when a family member reaches a certain age.

For example, you may have grandchildren who are not yet of college age but you want to provide for them to go when they are old enough. Any monies you set aside for them to inherit can be placed in trust so that they can only access it once they reach college age. You can also specify that the money must be used for college fees and expenses only, or you can choose to let them take certain amounts of money before they reach college age. It is complete your choice, but it must be entered into you will or living will as accurately as possible to indicate your specific decisions.

You may have younger children whom you wish to provide for after your passing. The same rules apply, if you wish to leave them money for college or to use for anything once they reach your specified age limit. You may decide to be extravagant and set aside a pool of money for them to draw from until they reach college age or you may even assign them a directorship in any business you own once you pass away.

How to Plan

First, talk to an estate attorney in your area, or one you already know and tell them your plans. Tell them what you want to leave to whom and how you want to do things. Your attorney will probably lay down a few draft plans for you to approve or change and then once you get the exact plan done you can sign it off and it’s complete. Your attorney may then keep a copy of the final will and testament in their files and every soften will contact you to find out if you need to make any changes. If you decide in the meantime that changes are necessary, due to changes in circumstances you can also contact the attorney and arrange to meet to change anything.

In the event of your passing away your attorney will then notify any surviving members of the family that they have been invited to hear the reading of the will, or notify them of any inheritance due by sending them a letter. Once the estate bills and taxes have been paid, they will then distribute the inheritances accordingly on your behalf.

Looking for estate attorneys in Libertyville? Give Charles T Newland a call for expert probate help and advice.

Similar Posts