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Living Trust Lawyers in Wheaton, IL

Attorneys for Living and Revocable Trusts in Glen Ellyn, Naperville, and DuPage County

west chicago living trusts lawyer

A trust is an agreement that details how assets and property are to be held for the benefit of the person who owns them. A trust can allow you to place certain conditions on how your property and assets are distributed after your death. A trust can also decrease gift and estate taxes as well as protect your property from creditors and potential lawsuits.

At Anderson and Associates, P.C., our experienced estate planning lawyers understand the importance of trusts and we can help you establish a trust document so that your property and interests are protected after your death.

Types of Trusts

There are several types of trusts and each comes with its own set of advantages:

  • Living trust. You can avoid probate of your estate with a trust, and you can prevent the court from interfering in matters if you become mentally incapacitated. In addition, a trust is not as easily contested as a will, so if you want to prevent your estate from being contested after your death, a living trust is optimal.
  • Testamentary trust. These types of trusts are sometimes referred to as trusts under will. Testamentary trusts are created by wills after the death of the grantor, the individual who creates the trust and transfers property and assets that are held under the trust. Testamentary trusts protect assets for children from former marriages and provides lifetime income for surviving spouses. In addition, you can use a testamentary trust to gift some of your property to charity after your death.
  • Revocable trust. A revocable trust is one that can be modified by the grantor until he or she dies.
  • Irrevocable trust. An irrevocable trust is one that cannot be modified by the grantor. When a trust is irrevocable, the grantor loses control of his or her property and assets but there may be certain tax benefits to this type of trust.
  • Unfunded trust. An unfunded trust refers to the trust agreement. Some trusts stay unfunded until the grantor's death or even after the grantor's death.

Understanding what type of trust you should have can vary depending on the types and amount of property and assets you own. You should consult an attorney who is experienced in creating trusts.

Dedicated Trust Lawyers in Winfield IL

Having a trust is instrumental in protecting your estate both during your lifetime and after your death. Trusts can also address concerns that are unaddressed by wills. Although trusts are important, the process of creating them can be complex and time-consuming. At Anderson and Associates, P.C., our attorneys can help you create a trust that best protects your estate and your interests. To schedule a consultation, call us at 630-653-9400 or contact us via our website. From our Wheaton office, we serve clients in Winfield, Warrenville, West Chicago, and DuPage County.

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