Knowing who to rely on when you face essential legal and financial decisions is vital. Federal and state laws change often, and relying on the Internet for advice is risky. Fortunately, if you need help with estate planning and trusts, you can depend on our Buffalo Grove estate planning attorney at Orlowsky & Wilson to help. Our experienced attorneys can help set up a trust, draft a will, and other types of estate planning.
Setting up a trust involves designating a person or entity as a trustee who administers the property in the trust. The trust creates a duty in the person or entity named the trustee to hold and manage the trust assets to benefit the beneficiaries named in the document. The most common types of trusts are:
There are many reasons that people establish trusts, such as avoiding probate, privacy, and providing money to a beneficiary who cannot be trusted with large amounts of money. Other reasons to set up a trust are to provide for your minor children or reduce estate taxes.
There are several factors to consider when you need a top-notch Illinois trust and estate planning attorney. They are:
Any Illinois attorney can claim to work with trusts and estate planning, even if they lack direct experience in the specialty. Most individuals who want to set up a trust have a complex estate and should only use an experienced attorney with at least eight to 10 years of experience in the field.
When speaking to potential trust attorneys in Illinois, find out how much they work in estate planning. The ideal answer is ‘full-time.’ Navigating the estate planning field effectively requires specialized skills developed through many years of legal work.
Hiring the most affordable attorney you find is tempting, but you get what you pay for in estate planning. Be wary of hiring the most affordable trust and estate planning attorney because inexpensive attorneys usually use standard documents that do not account for your estate’s specific needs.
Second, attorneys with the lowest hourly rate may have the least experience. When you need to set up or manage a trust, an experienced attorney will likely produce the desired outcome.
The attorney you hire should have excellent communication skills because estate planning can be complex for someone with substantial assets. As the client with so much at stake, it is vital to understand every document you sign, whether it is a will or any other type of estate planning document.
The financial well-being of your family is vital, and if you want to disperse your assets to those you love, you need a skilled trust and estate planning lawyer. If you need assistance setting up a trust, our Buffalo Grove estate planning attorney at Orlowsky & Wilson can help. Please call us at (847) 325-5559 to schedule a consultation.
