Probate is the court process used to administer a deceased person's estate, and it can involve a long, expensive process. To avoid probate, families often seek help from lawyers to set up living trusts, also called revocable trusts, as a way to manage their estates without going to probate court.
If you are wondering whether you should avoid probate with a trust, Palos Elder Law, Ltd., can advise you. I am Paul A. Smolinski, a Palos Heights trust attorney with 25 years of experience helping clients in the southwest suburbs of Chicago, Illinois, protect themselves and their assets with trusts and other estate planning options.
What Is a living trust?
Also called a revocable trust, a living trust can be an effective way to avoid probate. It works like this:
- You can establish a trust that sets rules for managing your assets when you are alive and a plan to distribute the assets when you are gone.
- You will name trustees who will act if you die or become incapacitated.
- If the trust is correctly established, the trustee can manage your trust without the need to go to probate court.
The possibility of avoiding probate is just one reason families choose trusts. The living trust can also be used to avoid or reduce estate taxes by making the best use of tax laws for people who have large estates.
Orland Park Revocable Trust Attorney
I can evaluate whether a living trust is beneficial for you and provide the legal expertise you need to establish the trust. I can also evaluate and explain irrevocable trusts, wills, powers of attorney and many other estate planning options that can create a comprehensive plan for your future. To schedule an appointment, reach my office at 708-377-3860 (toll free 866-207-4904). You may also contact my office online.