Hiring the best Wills & Trusts Attorney in Chicago is an important step in estate planning. A trusted attorney can help you avoid pitfalls and ensure that your family receives the property you want them to. This includes avoiding the probate process and minimizing taxes. It can also help you protect your privacy and assets from others. The legal team at Peck Ritchey can create a variety of estate planning documents, including wills and trusts, for clients in the Chicago area. We work closely with you to understand your needs, desires and assets to help you make the most informed decision about how to distribute your property, care for children, and other important matters. We can draft a valid will that expresses your wishes, and we can update it as your situation changes. Our firm can also help you minimize taxes by placing assets in a trust, which can be an effective tool for transferring wealth from one generation to the next. We can provide you with expert advice about the benefits and pitfalls of various trusts, including revocable and irrevocable trusts, trust for special needs beneficiaries and charitable trusts. We also assist with all aspects of trust administration, including the preparation of trust accounts. We can also assist with any disputes arising out of the administration of a trust, such as interpreting or reforming the terms of the trust, contesting a will or defending trustees in a will or trust litigation action. Trusts are a useful tool for avoiding probate, but they can be complex and must be administered properly to avoid legal disputes. We can assist you with drafting a revocable or irrevocable trust to protect your assets and pass them on to your loved ones without the hassle of the probate process. We can also draft transfer on death instruments for residential real estate to enable your beneficiary to take immediate possession of the property after you die. Our attorneys can also assist you with any disputes arising out of the administration or interpretation of a trust. These can include a dispute with a beneficiary who is denied their share of the estate, allegations of fraud or undue influence, and claims of breach of fiduciary duty by trustees. We can investigate these claims and bring appropriate legal action. Contact us today to discuss your needs with our experienced Chicago Trusts and Estates attorney. We offer a free, no obligation consultation to discuss your case and recommend the most beneficial solution. We are committed to working with you to preserve your rights and assets while providing the highest level of service possible. We are available evenings and Saturdays to meet your needs. Call us at (773) 575-8800 or use our contact form. We look forward to hearing from you!
Guardianship and Trusts are terms you may have come across during your research. These two terms are often used interchangeably; however, guardianship and trusts are actually two different legal processes. It is important to understand the difference between guardianship and trust before moving forward with any proceedings regarding these two important issues. There are a number of different situations that could potentially entitle a beneficiary or other individual to the possession and transfer of an estate. The term “guardianship and trust” is used synonymously with probate. Probate is required when a dead person leaves property in their name alone. A court then files a request for probate, which enables distribution of the deceased’s assets to beneficiaries. A few common examples of probate include wills and trusts. If you are considering planning or executing a will or trust, it is important to contact a qualified attorney who has experience working with individuals and estates. A qualified probate lawyer can answer all of your probate questions and can provide information regarding the qualifications of a probate court and the role of probate attorneys in the process. Additionally, a probate lawyer can provide guidance regarding the use of guardianships and trusts and can assist with probate administration. Many individuals do not realize the importance of hiring a probate lawyer. This is primarily due to the fact that probate administration and guardianship can be complex and time consuming, which can be stressful for many individuals. Upon death, most individuals will leave a personal representative such as a guardian or trustee with the property. In cases where this is the case, the person who will be appointed to administer the trust or guardian will be required to take and pass an oath administered by a judge. The purpose of this test is to ensure that the individual has the knowledge and ability to make decisions in regards to the property and estate. If the individual does not pass the test, he or she may be removed from the guardianship and trust without the court having to prove that there is an inability to make sound decisions. Trusts and guardianship also came in forms such as revocable and irrevocable trusts. Revocable trusts only need the consent of the ward or guardian to terminate. Irrevocable trusts must be initiated by a person other than the ward or guardian. Once the initiator of the trust passes away, the trust will cease to exist. It is important that you understand the difference between these types of trusts, said GeorgiaProbateAttorneys.Net. Often people have a difficult time disposing of their personal property because they do not understand the difference between the two different types of trusts. This is why it is so important for a probate court to issue regulations that clearly address the differences between the two legal documents. In the end, you want to make sure that you appoint a personal representative to handle your affairs. The personal representative will be there to make sure […]