Trustworthy & Skilled Estate Planning Attorneys
There are many different types of trusts out there, with each more adequately suited to whatever purpose the trustor intends. Unlike wills, trusts are not limited to distributing assets after death but can work in life as well. Whether you have property you wish to manage or assets you would like to leave behind to your children under certain conditions, we can help you create the right trust for your needs.
At Ahmad Law Firm, our experienced Arlington Heights attorneys will use their extensive knowledge of trust administration to help you develop a plan for your estate. We will work with you on a one-on-one basis to familiarize ourselves with your needs and your estate so that we can develop a thorough understanding of how to best help you.
Call our firm at (847) 791-2294 to get started on your estate plan.
Overview of Trusts
Similarly to wills, trusts can distribute a person's property, though trusts may come into play while the property owner is still alive, (called a living will), and can also be used to manage property. They may be used either to supplement wills or to replace them. When a trust only takes effect after the death of the trustor, it is called a testamentary trust.
There are three key people involved in any trust: the trustor, the trustee, and the beneficiary. The trustor is the creator of the trust, while the trustee is the person who may legally own the property specified in the trust as a manager for the benefit of the beneficiary. The beneficiary is the person who actually owns the trust, though they may not be able to manage it. The trustor may act as the trustee for the trust, and in many cases, trustors will only appoint a new trustee after the death of the trustor.
Factors to Consider Before Creating a Trust
Before creating your trust, our lawyers will ask you to consider a few key things about your current personal and financial situation. First, consider how many beneficiaries you wish to have and who you wish to designate as the trustee. Also, consider the duration of the trust and the assets and properties that shall be included in it. Once you have these essential details decided on, our lawyers can help you determine which type of trust might work best for your needs.
Our estate planning attorneys can help with, but are not limited to, the following duties:
- Collecting and managing necessary legal documentation regarding the trust
- Consulting with all necessary financial advisors about the trust administration
- Managing the trust assets and investments
- Transferring the trust and title to the proper beneficiaries
- Tax planning regarding trusts
- Representation or advisement regarding legal challenges from the beneficiary or trustee
Protecting and Managing Your Assets
However complex your estate planning needs, our firm is ready to help. We will help you through each step of the trust administration process, including the creation and signing of all relevant documents, as well as any and all applicable legal decisions.