After working hard throughout your life to provide for yourself and your family, you want to ensure your assets are distributed properly after death. Having a strategy in place in the form of a living will and/or trust is key to protecting your assets.
Our estate planning attorneys in Rockford, IL work personally with clients to help them plan for the future. If you’re interested in setting up a living will or trust, we can help you understand the distinctions between the two and which option is best for you. We’ll also ensure you understand the legal steps involved in drafting these documents. Our goal is to make the process as straightforward as possible.
If you’re concerned about what will happen to your family after your death, or if something unexpected occurs, you’re not alone. Drafting a living will or trust may sound overwhelming and even unnerving. However, with help from the Crosby Law Firm, you can easily prepare for the future and protect your family. Discussing legal matters related to death can be uncomfortable and complicated, but we’re here to simplify the process.
What Is the Difference Between a Will and a Living Trust?
A will ensures the distribution of your assets is according to your wishes following your death. This can include bank accounts, property, stocks, and other assets. It also outlines plans for the care of any minor children and the repayment of outstanding debts. Your will must be in writing and follow all necessary legal guidelines to be considered valid.
In a living will, you can outline your wishes regarding medical treatments and life-sustaining measures. This provides guidance to healthcare professionals and your loved ones, ensuring that your medical care aligns with your values even when you cannot voice them directly.
Within this document, you can also name a medical power of attorney (POA). A medical POA is in charge of making medical decisions on your behalf when you are unable to do so.
You can also name a financial POA who is responsible for managing financial decisions, or a general POA. A general POA has the power to act in your stead in financial and legal situations. You can customize the rights of any POA based on your personal guidelines and preferences, which can be as strict as you like.
In regards to a living trust, there are some areas that are similar to a will. A living trust helps determine your property management both during your lifetime and after you pass away. This fiduciary agreement allows a third-party trustee to manage assets on your behalf. The specific terms of a trust are dependent on what assets you want to pass on to beneficiaries.
Benefits of trusts include having specific control over your wealth, meaning you determine when and to whom any distributions are made. Trusts also help protect your legacy from beneficiaries who are not qualified to manage money. Trusts can also protect your privacy more effectively than wills and eliminate the need to go through the probate process.
Why Work With Our Attorneys
Understanding the pros and cons of wills and trusts is crucial when deciding which option is best for you. There are also many intricacies that come with drafting these documents so they meet all your expectations.
No matter the size of your assets, effective management offers significant advantages to your family. Planning for the future of those you care about reduces the likelihood of legal complications, disputes, and excessive expenses.
When it comes to safeguarding your assets and planning for your family’s future, partnering with an experienced lawyer is essential.
Our living trust attorneys in Rockford, IL provide unwavering support when you’re drafting a will or trust. From the initial stages to final administration, we show the utmost care in securing your assets. We understand that this planning takes on a more meaningful role beyond just paperwork. It’s about preserving your intentions, desires, and aspirations for your family members.
Contact Crosby Law Firm | Rockford, Illinois Trust & Will Lawyers
You might feel intimidated about setting up a will or a living trust. Fortunately, at the Crosby Law Firm, our trusts and will lawyers are well-versed in this area of law. We dedicate ourselves to ensuring your wishes regarding your assets are respected during and after your lifetime. With over 150 years of combined experience, you can rely on our team.
Contact us today to schedule a free initial consultation and start preparing for your future.
