DuPage Estate Planning Attorneys | Estate Planning Lawyers, DuPage County

In this article, our DuPage County estate planning attorneys cover Revocable Living Trusts and how they could benefit your estate plan.

In short, a Revocable Living Trust can offer you multiple benefits in your estate plan, including:

• ‍Saving Money:  Your estate and your loved ones will save thousands of dollars on attorney fees because your estate will avoid probate court. 
• Immediate Distribution of Assets:  Your family will have immediate access assets without having to wait a year or longer while your assets are held up in probate.  
• Avoidance of Guardianship if you Become Mentally Incompetent: If you become incapacitated, your family will have immediate access to your assets for your benefit without costly and lengthy guardianship proceedings.
• Save Your Loved Ones the Headache of Probate or Guardianship Proceedings:  Both Probate and Guardianship proceedings take significant amounts of time and effort by your loved ones and this headache and wasted time can be avoided altogether with the use of wills and trusts. 

Learn more from our DuPage County estate planning attorneys about the benefits of Revocable Living Trusts.

In this article, our DuPage County estate planning lawyers explain several goals that our clients can accomplish through proper estate planning, including: 

• The appointment of fiduciaries and assuring proper distribution of assets to loved ones when you pass;
• Avoidance of a costly and time-consuming probate case upon your passing;
• Avoiding an expensive guardianship case if you become mentally incompetent;
• End of life and life support instruction;
• Minimizing estate tax;
• Special needs planning;
• Sheltering assets from creditors;
• Medicaid planning.

Our Dupage estate planning attorneys also discuss the key tools that we use to accomplish these goals:

1. Revocable Living Trust: Primary estate plan document, provides inheritance directions and establishes successor trusts for children and provides for disability,
2. Pour-Over Will: Safety net document, stipulates that assets not transferred to a trust during lifetime will be distributed according to the terms of the trust; also establishes guardianship of minor children.
3. Healthcare Power of Attorney: Designates who can make medical decisions for you if you become incapacitated.
4. Financial Power of Attorney: Allows your spouse or successor agents to handle financial transactions on your behalf.  
5. Living Will: States your wishes if you become incapacitated and death is imminent except with the exception delaying procedures.

Read the full article by our DuPage estate planning attorneys explaining the goals of a good estate plan.

In the following companion article, our DuPage County estate planning attorneys further discuss some things you should consider when naming a trustee or executor to administer your trust or will when you pass. We also go over how to use fiduciaries to ensure that your assets are properly distributed to your loved ones. In general, you should consider the amount of time that the person will have to devote to the administration of your estate, the experience the prospective trustee or executor has in financial matters, and the resources at the individual's disposal.

Read the entire article by our DuPage County estate planning attorneys explaining how to choose a trustee or executor.