5339 N. Milwaukee Ave., Chicago, IL 60630

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Norwood, IL Trusts Attorneys

Harwood Heights Trusts Attorneys

Lawyers on the Northwest Side of Chicago Helping Clients Create Living Trusts

Regardless of your age, it is important to take actions that can help provide financial security for your loved ones in the event of your death. At Otte & Czajkowska, LLC, we realize that a will can be used to specify your beneficiaries and name a guardian for your minor children. Wills, however, can be rather limited in their powers, and your estate may benefit from the creation of a trust. Depending on your financial situation, trusts may be appropriate for protecting your assets and distributing them to your beneficiaries according to your wishes.

Benefits of a Trust

Compared to a will, a trust generally offers a great deal more flexibility and control. One of the biggest differences between the two is when each becomes effective. The provisions contained in a will are only enforceable after the will's creator dies. A trust, by comparison, can take effect immediately upon creation, allowing for property to be transferred before the creator's death, at the time of his or her death, or at some point in the future.

A will is also required to pass through probate before heirs and beneficiaries can receive their inheritances. Property under the control of a trust is not subject to probate, which can save both time and money. Finally, a will is a public legal document, which means that any provisions it contains become part of the public record. Most types of trusts can be kept private, offering additional protections to the creator, trustees, and beneficiaries.

Types of Trusts

There are many different types of trusts that can be used during the estate planning process. The experienced attorneys at Otte & Czajkowska, LLC will help you determine which ones can help you meet your unique goals. Our team is equipped to assist you in creating revocable living trusts, irrevocable trusts, supplemental needs trusts, land trusts, and more.

If you have concerns about one of your beneficiaries and his or her ability to handle money, you may want to include spendthrift provisions in your chosen trust. A spendthrift provision allows you to appoint a financially responsible trustee to manage the assets intended for an unreliable beneficiary.

It is also possible to structure trusts in such a way that your assets are protected in the event of a divorce. Divorce protection provisions can help you safeguard property during your lifetime so that your assets can be handed down to future generations. There are even divorce protection strategies available to help your beneficiaries if they ever get divorced.

Norridge Minor Trust Attorneys

Trusts are especially powerful tools for protecting assets intended for minor beneficiaries. A minor's trust allows you to set assets aside for a beneficiary who is under the age of 18. To do so, you will need to appoint a trustee to control the assets in the minor's trust and to only use the funds in the minor's best interests. When the beneficiary turns 18, the remainder of the trust can be paid out in full, or it can be transferred into a different trust for the benefit of the beneficiary.

Contact Us Today

To learn more about our firm and how we can help you establish a trust, contact our office. Call 773-631-7100 for a confidential consultation today. We serve individuals and families in Jefferson Park, Elmwood Park, Niles, Harwood Heights, and throughout the northwest side of Chicago, including members of the Polish-speaking community.

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