With ongoing economic uncertainty it’s more important than ever to have a detailed plan for the wealth you’ve worked hard to acquire. The following information describes why it’s necessary to have a specific plan for your wealth, the difference between trusts and wills, and the importance of having an attorney in Chicago who can assist you with wills and trusts.
Why it’s Important to Have a Plan for Wealth
You’ve worked hard to accumulate your financial wealth and property. It’s necessary to have a detailed plan put together to make sure all your assets go exactly where you want them upon your death. Consulting with a Chicago wills & trusts attorney can help you wade through the legal aspects of putting together a financial plan that works for you and your family.
The Difference Between Wills & Trusts
A will states who will receive your money and property at the time of your death and goes into effect only after you have passed away. A will passes through what is called probate. This means a court administers the will, makes sure it’s valid, and all assets get distributed the way you wanted. Wills can be more extensive than trusts and include funeral arrangements and name guardians for minors.
Unlike a will, a trust is effective immediately after it’s been completed. It’s used to begin the distribution of property before you have passed away. A trust provides an arrangement in which an individual or an institution, such as a law firm, holds a legal title to the property for you. The person holding the legal title to the assets is called a trustee while the individual receiving benefits is the beneficiary. An attorney in Chicago can help create wills and trusts.
Contact a Chicago Wills & Trusts Attorney
It’s important to find a qualified Chicago wills & trusts attorney who can help you decide if you need a trust or a will and put together a personalized plan for your wealth. Attorney Jennifer M. Smith can help you create a plan to safeguard your finances and make sure your money goes exactly where you want it to go. Whether it’s estate planning, wills, trusts, or powers of attorney Jennifer M. Smith can assist with your financial needs. She also provides contracts and notary services. Contact Jennifer M. Smith at 312-752-7123 in Chicago for a consultation.