There are many things to consider as you get older. One of the things that people with a significant amount of assets typically have to address is what to do with these assets when they pass away. Most people know about creating a will, and this can be extremely important in order to set your affairs right after your death. However, if you have a fair amount of assets, whether they’re physical assets or it’s cash, an Estate Trust in Libertyville may be your best option.
Estate trusts are plans that allow assets to be held by a third-party trustee until they are officially turned over to a beneficiary or multiple beneficiaries. For example, if you have small children and you want them to inherit a certain amount of money, an estate trust would allow that money to be held by a trustee until the children reached a certain age. At that time they would receive the cash inheritance that you have allotted for them in your estate trust.
There are a number of benefits to an Estate Trust in Libertyville. The first thing is that assets are transferred much faster with an estate trust than they would through the normal course of executing a last will and testament. The reason for this is that estate trusts streamline probate. Probate is a sometimes long and drawn out court proceeding that effectively executes the decedents will in terms of the assets that are to be disseminated pursuant to the last will and testament.
In addition, if your trust is an irrevocable estate trust, these trusts always bypass probate. This is beneficial because probate is not only time intensive, but it can also cost a fair amount of money. In addition, your irrevocable trust tends to avoid high levels of taxation when assets are transferred from the estate to the beneficiary.
There are many things to consider with estate planning. What you want to do is to determine if an estate trust is the right choice for you and your family. For this reason, it might be a good idea to speak with the law firm of Charles T. Newland and Associates at your soonest convenience. You can speak with them about your desires for your assets after you die and they can recommend either an estate trust or other options for disseminating your assets to your beneficiaries.
