Wheaton Wills and Trusts Lawyers

Dedicated Estate Planning Attorneys for Clients in Wheaton, Illinois

A trust is a powerful tool in estate planning alongside a well-written will. However, many people do not know how to set up a trust and may be deterred by how complicated it seems. With the help of a DuPage County, IL estate planning lawyer, you can set up a trust with confidence to make sure that your loved ones are protected after your passing.

If you live near the Western suburbs of Chicago, Illinois and have questions about estate planning, the Davi Law Group is committed to providing answers. We help clients understand trusts and wills, which are central elements of a solid estate plan. Our attorneys are experienced advisors for establishing trusts and work to educate clients on the fundamentals of legally sound solutions for protecting and managing your estate.

Providing Experienced Legal Advice for Creating a Trust in Illinois

Setting up a trust as part of your estate plan is a smart investment. The estate planning attorneys at the Davi Law Group regularly help clients throughout DuPage, Will, Kane, Kendall, and Cook Counties create legal documents to establish trusts. We have detailed knowledge of the proper language and procedures necessary to build a trust that meets your needs. We will review your situation and help you craft a personalized solution to help look after your beneficiaries.

What Is a Trust?

A trust is a vehicle for the management of property during life and after death. A trust is a written agreement in which the creator, also known as the grantor, transfers property to the trust, which outlines benefits for beneficiaries and is managed by a trustee. In many cases, trusts can be used to avoid the lengthy process of probate in court.

There are several types of trusts:

• Revocable living trusts: These kinds of trusts allow you to dictate how the funds will be distributed to your beneficiaries over time, and can be easily modified within your lifetime.
• Irrevocable trusts: These are similar to irrevocable trusts, but they cannot be easily modified or terminated once established. However, these kinds of trusts also have greater protection from creditor claims on an estate.
• Testamentary trust: These kinds of trusts only goes into effect after your passing.
• Third-party special needs trusts: These trusts allow you to provide financial assistance to a special needs beneficiary without endangering their eligibility for government benefits.
• Children's trusts: These trusts can ensure that a minor child's needs are taken care of while the assets in the trusts are distributed by a trustee.
• Dynasty trusts: These irrevocable trusts can be passed down multiple generations with minimal estate taxes.

These are just a few of the possibilities when creating a trust. Once we determine what type of trust or structure of trusts will compliment your unique circumstances, our qualified estate planning attorneys will draft your trust documents to capture your preferences. You may serve as the trustee as long as you are able and will select and name your successor in the event of resignation, disability, incapacitation or death. You are free to make changes to the trust at any time, provided that it is not an irrevocable trust.

Reach Out to a Wheaton, IL Trust Lawyer

Setting up a trust can provide you with long-term peace of mind. If you are considering creating or updating a trust, contact the Wheaton estate planning lawyers at the Davi Law Group today. We offer free in-person consultations to get to know our attorneys and reasonably-priced consultations to discuss your specific trust needs. We serve clients in DuPage, Will, Kane, Kendall, and Cook Counties from our five offices throughout the region.