Protect Your Assets and Estate When Establishing Trusts through Brave Law Center, P.C.
One of the best things you can do for your family is to create a trust. Trusts assist you in placing your assets outside the reach of creditors and the state. Depending on your unique needs, they can also provide you with a means of apportioning money, property, or resources. Brave Law Center, P.C. can help you choose the perfect trusts in Peoria IL for your circumstances to keep your assets safe. We can help you craft the perfect estate plan that will take considerable stress off you while providing a sound financial foundation for your family. Contact our office today at 309-685-7900 to get started.
What is a Trust?
A trust is a legal arrangement that allows an individual, known as the trustor, to transfer their assets to a trustee, who then manages and distributes those assets on behalf of the beneficiaries as outlined in the trust document. By outlining clear asset distribution and management instructions, trusts offer a way to ensure your wishes are honored after your passing. Trusts are often utilized in place of other probate services, helping trustors more easily transfer their wealth and estate. Some benefits of trusts include:
- Avoidance of Probate – Direct transfer of assets to beneficiaries without going through the lengthy (and expensive) probate process.
- Privacy Protection – While wills become part of public record during probate, trusts remain private, protecting your family’s financial matters from scrutiny.
- Asset Protection – A trust can safeguard assets from creditors and lawsuits, creating an additional layer of security for your wealth.
- Greater Control – Trusts allow you to specify how and when to distribute your assets, allowing for tailored management based on the beneficiaries’ needs.
- Tax Benefits – Some trusts offer tax advantages, helping reduce estate taxes and preserving your wealth for your inheritors.
- Continuity of Management – In the event of incapacity, trusts provide a mechanism for a successor trustee to step in and manage affairs without needing court intervention.
Are there Different Types of Trusts?
In Illinois, choosing a trust that best fits the needs and goals of the trustor, beneficiaries, and everyone involved is essential. Brave Law Center, P.C. has helped clients establish trusts of all types, ensuring all parties understand the stipulations of a trust agreement. Some common trusts we’ve helped set up are:
- Revocable Trust – Also known as a living trust, this type allows the trustor to maintain control over assets while alive, with provisions for asset distribution upon their passing.
- Irrevocable Trust – This trust cannot be modified or revoked once established, providing more asset management and distribution certainty.
- Charitable Trust – A charitable trust allows individuals to donate assets to a charity while retaining control over the distribution and management of an estate.
- Joint Trust – Married couples often set up joint trusts to manage their assets together and provide for each other in the event of one’s passing.
- Testamentary Trust – This type of trust activates through a will upon the trustor’s death and can provide for minor children or individuals with special needs.
Additional trust types include trusts directly addressing special needs individuals, asset protection, insurance, and more. Be sure to talk with Brave Law Center, P.C., to discover the best trust for you.
How Can We Assist?
Brave Law Center, P.C. comprises estate planning attorneys well-versed in estate and probate law across Illinois. We understand how complicated writing trusts and wills can be. Hence, we provide our clients with proper guidance and support when preparing an estate for the unfortunate death of a loved one. Here’s some of what you can expect from the Brave Law Center, P.C. team:
- We meet with clients to best understand their financial situation, estate planning goals, and specific needs related to trust creation.
- Our attorneys prepare clear and legally binding trust agreements that accurately reflect clients’ wishes and comply with state law.
- We assist in transferring assets into a trust, ensuring to take appropriate legal steps to fund the trust effectively.
- Our team will discuss potential tax consequences or benefits of establishing certain trusts and advise on minimizing tax liabilities.
- Trustees are provided ongoing support and guidance in managing trust assets and fulfilling fiduciary responsibilities.
- If a trust requires an update or review after significant life changes, we can help our clients manage the process of trust revision.
Give Brave Law Center, P.C. a Call
When in the process of estate planning and discussing the best methods for preserving your wealth and estate, consider the advantages of using trusts in Illinois. Count on Brave Law Center, P.C., to be your legal representative when setting up a new trust. Potential new clients can schedule a reservation with Brave Law Center, P.C., by calling 309-685-7900. We serve clients throughout Peoria, Woodford, Tazewell, Fulton, Mason and Marshall Counties.
