Mount Prospect Trusts & Wills Attorney

Estate planning is essential to ensure that your money and property are distributed according to your wishes when you are no longer here. There are many things to consider during this process, and trusts and wills are two critical components. If you need assistance with trusts, wills, and other estate planning concerns, our Mount Prospect estate planning attorneys at Villadonga & Villadonga can represent you effectively.

Why Is Estate Planning Important?

Estate planning details on paper how your property and assets will be distributed when you pass away. Wills and trusts are critical parts of many estate plans, which also may state who is responsible for making critical decisions about your property and health if you become incapacitated. Some benefits of estate planning with wills and trusts are:

• Your property will be distributed according to your wishes.
• There will be fewer chances of family disagreements and discord when it is understood what your wishes are when you are gone.
• Your spouse and children will receive financial benefits and assets when you pass on.
• Organize your finances to ensure your family does not have to deal with it when you pass away.
• Ensures that your estate is not administered by the state, which would probably not result in decisions that reflect your wishes.

Most of us never want to think about when we pass on, but doing estate planning well in advance of your passing ensures that your beneficiaries will receive what you worked so hard for. Your assets, property, and wealth will pass on to the people you care about the most, and your legacy will live on.

Wills Overview

One of the most critical components of your estate plan is a will; it is essential to make one early in the process and update it as needed. Your estate planning lawyer should update your will when your financial or family situation changes. For instance, updating your plan’s beneficiaries may be necessary if someone gets divorced or has children.

Your estate planning attorney will prepare your will to ensure it is legally enforceable and error-free. This is a critical part of the estate planning process because it reduces the chances of a contested estate. In addition, your attorney can help you with joint, living, deathbed, and simple wills.

Trusts Overview

Trusts are another critical aspect of proper estate planning. A trust can be used in many situations to reduce tax liability and even avoid probate, which is costly and time-consuming. There are many kinds of trusts that your attorney can set up to benefit your estate plan and beneficiaries, including:

• Family trusts
• Revocable trusts
• Irrevocable trusts
• Living trusts
• Charitable trusts

What Is A Transfer On Death Instrument (TOD)?

Another important aspect of some estate planning is a Transfer on Death Instrument (TOD) that allows you to give real estate to someone or a legal entity to avoid the time and costs of probate. It works in a similar way as a beneficiary designation for your bank account. Your estate planning attorney can review TOD with you to determine if this is something you want to do. However, if there are insufficient probate assets to pay estate debts, creditors can claim assets that did not go through probate, including a TOD account.

Contact Our Mount Prospect Estate Planning Attorneys Today

If you have questions about trusts and wills in the Chicago region, you should speak to a qualified attorney for legal assistance. Our trusts and wills attorneys at Villadonga & Villadonga can assist with wills, power of attorney, land trusts, and transfer on death instrument documents (TOD). Contact our Mount Prospect estate planning attorneys today for a case consultation at 847-298-5740.