Is A Living Trust Right For You?
Which type of estate planning product is best for you and your family? Do you need a will or a trust? These are important questions. Answering them requires assistance from a knowledgeable lawyer.
At Michael Overmann, Ltd., we spend time discussing your options with you. We do many will-based estate plans, but only after discussing the living trust option with the client. Each solution is tailored specifically to each client. You have choices in setting up your estate plan. Please call our Darien, Illinois, office at 630-395-7948 or our Homer Glen office at 708-590-4599 to schedule an appointment.
The Difference Between Living Trusts And Wills
Living trusts, or “inter vivos” trusts, are created while the trustor is alive. They may be set up to continue after the trustor dies to manage assets for beneficiaries. Living trusts can avoid the time and expense of probate if the trustor’s assets were transferred into the trust before he or she died. A living trust can also provide financially for the trustor in the event he or she becomes incapacitated.
A will is less expensive to set up than a trust, but it does not avoid probate and does not manage disability issues as well as a living trust plan. Many people mistakenly think that if they have a will, they do not need to worry about probate. However, this is not true. A will is a probate document and as such passes through the probate process.
Living trusts have become very popular because they offer better asset protection than a will. A living trust avoids probate, protects your family and better protects you and your assets in the event you become mentally disabled.
Which is right for you? We can help you find the answer. For a free consultation with a Darien living trust attorney, please call 630-395-7948 in DuPage County, 708-590-4599 in Will County or contact us online.