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Like a Will, a Living Trust is a legal document that provides for the management and distribution of your assets after you pass away. However, a Living Trust has certain advantages when compared to a will. First, a Living Trust can provide for the management of your assets and care of yourself while you are alive but incapacitated. This allows for the management of your affairs while you are disabled without the need for an expensive and time-consuming court process to appoint a guardian or conservator for you. Second, upon your death, a Living Trust allows for the prompt transfer of assets in the trust without court procedures. With a properly funded Living Trust, there is no need to undergo a potentially expensive and time-consuming public probate process. Third, a Living Trust allows you to include some protections for the assets you leave to your beneficiaries from creditors (existing or future) of your beneficiaries, such as judgment creditors, tort creditors, and divorcing spouses. In short, a well thought out estate plan using a Living Trust can provide your loved ones with the ability to administer your estate privately, with more flexibility and in an efficient and low-cost manner.
Schening & Dopke Law, LLC is located in South Elgin, IL and serves clients throughout Kane, DuPage, DeKalb and Cook Counties and the surrounding areas.
