Will And Trust Preparation

Trusts Provide Additional Control Of Asset Distribution

In more than 30 years of creating estate plans for business owners and individuals, the lawyers at John J. Pembroke & Associates LLC have drafted a small percentage of simple wills. The majority of our clients elect to include trusts in their comprehensive estate plans.

Trusts are a more powerful estate planning tool that provide numerous benefits to our clients. A living trust might also be less expensive in the long run, since it allows you and your heirs to avoid probate, guardianship or conservatorship proceedings.

Here are some of the advantages of a trust:

  • Confidentiality. A will and the subsequent probate proceeding are public information. If you don't want the public to know how much you had and who you left it to, you should create a trust, which assures you privacy.
  • Minimize Estate Taxes. If your estate exceeds the credit shelter amount (currently $2 million), you need a trust to save you from paying money needlessly to the Internal Revenue Service.
  • Avoid the expense and the delay of probate. Even the simplest probate proceeding can be expensive and will take from eight to nine months. The majority of probate proceedings cost more and take longer. You can avoid probate by creating a living trust.
  • Respected by financial institutions. Trusts have been around for hundreds of years and are respected by all financial institutions, whereas powers of attorney outside of Illinois (or even inside Illinois) may not be recognized by banks and brokerage houses.
  • Protect the interests of minor children. When children inherit under a will, they will need a court-appointed guardian to manage the money for them until they are age 18. Then they will receive all of the money at once (think parties for their friends and motorcycles). Through a living trust (or a testamentary trust as a part of a will) you can decide when and how children will inherit.

Meet With Our Experienced Team To Learn More About Trusts

We invite you to contact our living trust attorneys online or call 847-696-0060 to schedule a consultation.