Assets…we all have them, even if we think we don’t. You don’t have to have a long list of holdings, properties and possessions to have many assets. A checking account, savings account or CD, a few investments, a home, a vehicle or a life insurance policy…these all qualify as assets and if you wish to have them all handled in a certain way, you must turn to a trusts & estates lawyer to see it through.
What Exactly Is a Trusts & Estates Lawyer?
As one expert explained, “A trusts and estates attorney specializes in drafting wills, revocable and irrevocable trusts, and related tax planning.” It is the will and the revocable trust that ensure your assets are handled as you wish upon your death. The revocable living trust is actually where all of your assets are placed and you are the “trustee” until you are unable to serve in that role (either due to illness or death). Then, a named trustee takes over.
Why Use the Revocable Trust?
One of the main reasons someone with any type of assets will opt for a revocable living trust is because they can avoid probate. This is because the secondary trustee takes over and manages everything. There are irrevocable trusts, too, and they can help with estate tax issues. The thing about them, as well as any sort of will, is that it has to be created by an attorney.
Why Use an Attorney?
While you see any number of online articles and websites saying you can do such things yourself, it is only an experienced attorney who can look at what you have, what you need and your other goals and help you formulate the very best plans. They can usually begin with a simple consultation and let you see what you can do with trusts and estate plans. They allow you to give them a better picture of your assets and situation and can even work out plans for married couples.
When you are ready to hire a trusts & estates lawyer in St. Charles, Jackson & Abdalla Law Group is the ideal choice. Specializing in real estate, business law, estate planning and trusts & estates, they will meet your every expectation and need. Whether you have limited assets or a large estate, they can help you make the right decisions and arrangements.