Trusts Lawyer in Illinois

A trust is a powerful and versatile legal tool designed to help individuals manage, protect, and distribute their assets effectively. At Wilson & Wilson Estate Planning & Elder Law LLC, we understand that each client’s needs are unique. For this reason, we take the time to craft personalized, comprehensive trust solutions that align with your goals, protect your assets, and secure your family’s future.

What Is a Trust?

A trust is a legal arrangement where one party, known as the grantor, places their assets under the management of a trustee. The trustee is tasked with managing those assets on behalf of the trust’s beneficiaries, who will receive the benefits according to the terms set by the grantor. Trusts can be created during your lifetime (living trusts) or established through your will and activated after your passing (testamentary trusts). They offer a level of flexibility and control that other estate planning documents, such as wills, may lack.

There are also different types of trusts, each designed to address specific needs. For example:

• Revocable Living Trusts: These allow you to retain control of your assets during your lifetime while ensuring smooth transitions to beneficiaries upon your passing.
• Irrevocable Trusts: Offering greater protection, these are commonly used for tax planning, asset protection, or charitable giving.
• Special Needs Trusts: These trusts are intended to safeguard assets for a disabled loved one without jeopardizing eligibility for government benefits.
• Trusts for Minors: Ideal for managing and distributing assets over time to children or grandchildren until they reach a designated age.

Each trust type serves a different purpose, and choosing the right one requires careful thought and legal insight.

Why Are Trusts Important?

The benefits of creating a trust can be significant when it comes to protecting your loved ones and planning for the unexpected.

• Avoid Probate: Trusts allow assets to bypass the often lengthy and costly probate process, ensuring that your beneficiaries receive their inheritance more efficiently.
• Control Distribution: You can specify how and when your assets will be distributed. For instance, you might decide that minors only gain access to funds upon reaching a certain age.
• Privacy: Unlike a will, which becomes public record during probate, a trust remains private, safeguarding the details of your estate.
• Tax Advantages: Certain trusts can reduce estate taxes or shelter assets, providing significant financial benefits for your heirs.
• Asset Protection: Strategies using irrevocable trusts can shield assets from creditors or legal claims, particularly if you are concerned about potential liability issues.

At its core, a trust offers peace of mind. It ensures that your legacy will be preserved and your wishes honored, no matter what life brings.

Why Partner with Wilson & Wilson?

We take the time to understand your unique circumstances—whether you’re protecting a family business, planning for a loved one with special needs, or simply seeking to preserve your assets for the next generation. Our dedicated legal team will work collaboratively to design a plan that reflects your values and goals.

At Wilson & Wilson Estate Planning & Elder Law LLC, we recognize that creating and managing a trust can seem complex. That’s why we are here to guide you every step of the way. From determining the type of trust that best suits your needs to drafting precise and enforceable legal documents, our experienced attorneys offer personalized attention and sound advice.

Contact Wilson & Wilson Estate Planning & Elder Law LLC today to schedule a consultation. We have offices conveniently located in Deerfield and LaGrange. Together, we can create a trust-based estate plan that brings clarity, security, and confidence for years to come.