Attorneys For Living Trusts And Special Needs Trusts In DuPage County
For many, the concept of estate planning involves making decisions about what will happen after one’s death. However, there are a variety of other issues that can be addressed in a comprehensive estate plan, including making plans for how a person can provide for their own needs while also safeguarding assets to be passed on to family members or other loved ones. Trusts are powerful, flexible estate planning tools that can be used to ensure that a person’s assets are handled correctly during their life and after their death. With over 25 years of combined legal experience, the lawyers of SBK Law Group can provide you with the guidance you need when creating your estate plan. We will work with you to address your concerns, and we will help you understand the best approach to take to protect your assets and pass them on to your beneficiaries.
A trust is a financial instrument that allows a person to place assets under the control of a trustee, with instructions on how those assets should be distributed to one or more beneficiaries. A person who creates a trust is known as a grantor, settlor or trust maker. There are multiple types of trusts, including:
- Living trusts – In these types of trusts, the grantor may serve as the trustee, and they may also be a beneficiary, allowing them to use the assets in the trust to provide for their own needs, such as paying for living expenses or medical care when they are at an advanced age. A successor trustee may be named who will take control of the trust upon the grantor’s death or incapacitation, and the remaining assets in the trust can be distributed to the beneficiaries named in the trust. These types of trusts are usually revocable, and the grantor can change the terms of the trust at any time.
- Irrevocable trusts – These types of trusts will remove assets from the grantor’s control, and they cannot be altered once they are created. Irrevocable trusts may be used to safeguard assets from creditors or estate taxes, and they may contain terms about when and how the assets can be used by beneficiaries.
- Charitable trusts – A charitable organization can be named as the beneficiary of a trust. Charitable lead trusts can be used to make regular donations to a charity during the grantor’s lifetime and distribute the remaining assets to beneficiaries after their death. Assets in charitable remainder trusts can be used to provide for a person’s needs while they are alive, with the remainder of the assets being donated to charity after their death.
- Special needs trusts – In some cases, a person may want to use their assets to help meet the needs of a family member or loved one who has disabilities or other special needs. However, giving money directly to a person can affect their ability to qualify for public benefits. In these cases, a third-party special needs trust can be used to provide assistance for a beneficiary and help pay for certain expenses, including support services, clothing, transportation or recreation.
Contact Our DuPage County Living Trust Attorneys
Creating a trust can help you provide yourself and your family members with the necessary financial resources while you are alive and after you have passed on. Trusts will also allow you to pass assets on to your beneficiaries without the need to complete the probate process. To learn more about how the attorneys of SBK Law Group can help you create a trust and address other aspects of your estate plan, contact us online or at 630-427-4407. We serve clients throughout DuPage County, Kane County, Kendall County, Will County, and Cook County.