DuPage County Attorney for Wills & Trusts

Testamentary Estate Planning Lawyer in Oak Brook

When you have worked hard all your life, you want to make sure that you have control over what happens to your estate when you are no longer here to enjoy it. You may want your wealth to stay in your family or to be used for charitable purposes. It is your estate and your decision. To make sure that your wishes regarding your remaining property are carried out, you will use one of two documents - a trust or a will.

Whitacre & Stefanczuk LTD will take the time to discuss your personal financial and social or familial situation to help you determine whether a will, a trust, or both would be best for you. Both documents have drawbacks and benefits. It is important to consider what your specific estate planning goals and concerns are. We customize each estate plan to suit the needs of each individual client.

DuPage County Wills Lawyer

When most people think of estate planning, wills are the first thing that comes to mind. One thing you should know about wills is that they must be submitted to a probate court upon the testator's death. During the probate process, a court will oversee the process of paying any outstanding debts out of estate funds before distributing property according to the terms of the will.

Probate can take a while due to the level of court supervision involved. However, some estate planners want a court to control the process. If you have a smaller estate, there may also be streamlined forms of probate available for your beneficiaries to take advantage of.

Finally, some people need a will even if they are mainly using a trust. Parents of minor children need wills to name the person they would want to take custody of their children in the event that the children are left without a surviving parent. Wills can also be used to back up a trust.

Our attorneys can discuss more of the benefits and drawbacks of using a will for testamentary planning in your particular situation.

Law Firm for Trust Creation Serving Lombard and Wheaton

More and more people are choosing trusts over wills as their main form of testamentary planning. There are quite a few desirable features of trusts. One of the big ones is that trusts do not need to go through a probate court, so your successor trustee can start making distributions more quickly and easily.

Another big difference is that unlike wills, which have no effect until you pass away, a trust is effective immediately. As soon as you create your trust, you can start funding it by transferring your property into the trust. This tends to make people a bit nervous, so you should know right away that you will not lose any rights to your property by placing them in a revocable living trust. You can name yourself as trustee, and you will still be able to control and manage your trust and everything in it.

For testamentary purposes, you will also name a successor trustee to take over managing the trust when you pass away or become incapacitated. One of the best features of a trust is the flexibility it provides. You can instruct your successor trustee to make distributions to your beneficiaries according to a set schedule so that they receive their gifts gradually over time. Or, you can allow your successor trustee some discretion to make distributions as they see fit.

Most people use revocable living trusts, which you can amend or cancel at any time. Irrevocable trusts are also an option, and while they are harder to make changes to, they offer better asset protection features. There are also more specialized types of trusts for different purposes.

Our lawyers will take the time to explain all of your options so that you fully understand what choices you have. Making sure that your wishes will be carried out is our main goal. We can also help you complete your comprehensive estate plan with powers of attorney and advance directives.

Call a DuPage County Wills and Trusts Attorney

Whitacre & Stefanczuk LTD is committed to helping people create wills and trusts that will give effect to their testamentary wishes. Our skilled attorneys will work with you to create the plan that is best for you. We serve clients throughout DuPage County in Glen Ellyn, West Chicago, Bloomingdale, and the surrounding areas. Contact us online or call 773-622-6100 for a free consultation.