Why create a trust? Simple, it avoids wasting time and money in probate court. Unlike a will, a trust cannot be probated.
What is a “trust”? A trust is a legal instrument involving you (the “settlor”), a trustee who you select and charge with maintenance of your trust, and a beneficiary (or beneficiaries) who stands to benefit. A trust is a popular estate planning device because it allows you to avoid the probate process all together, protecting between approximately 5% to 10% of your trust assets for your beneficiaries. Like a will, a trust allows you to determine how your assets are distributed. There are many kinds of trusts. A revocable living trust generally allows you to have long term control over your property’s disposition to trust beneficiaries and allows a trustee greater flexibility over property management in the event the you suffer medical hardship or incapacity. On the other hand, an irrevocable trust comes with significant tax benefits. However it cannot be voluntarily ended or changed in any way until it fulfills its purpose. For these reasons, it is paramount to hire a trust attorney who can help guide you through the trust creation and maintenance process.
Whatever your choice, Syed Law can craft a strong trust instrument to preserve your legacy.
helping you Create the Trust
Creating a Trust in Illinois
A trust provides security and certainty that the hard-earned assets you accumulated during life will be passed on to your loved ones, a charity you are particularly fond of, or left to certain individuals you deem appropriate. The law of trusts is ancient, and there is no easier way to run afoul of these laws than to attempt this process by yourself or with a non-lawyer professional. Numerous issues can occur without the proper supervision of an experienced attorney. However, if done properly under an attorney’s guidance, your trust can serve as an instrument that preserves and distributes your wealth to your beneficiaries efficiently and with minimal cost.
The Popular Trust and "Pourover Will" Combination
If, in addition to a trust, you would like to draft a separate will, we can set up a very specific type of will known as a “pourover will.” The trust instrument must be in existence at the time the will is drafted, or it can be created with the will. These wills “pourover” into a trust, and a high degree of expertise is required to properly execute this process.
“Many forms of conduct permissible in a workaday world for those acting at arm’s length, are forbidden to those bound by the fiduciary ties. A trustee is held to something stricter than the morals of the market place. Not honesty alone, but the punctilio of an honor the most sensitive, is then the standard of behavior. As to this there has developed a tradition that is unbending and inveterate. Uncompromising rigidity has been the attitude of courts of equity when petitioned to undermine the rule of undivided loyalty by the ‘disintegrating erosion’ of particular exceptions . . . . Only thus has the level of conduct for fiduciaries been kept at a level higher than that trodden by the crowd. It will not consciously be lowered by any judgment of this court.”
– Justice Benjamin Cardozo, Meinhard v. Salmon, 164 N.E. 545, 546 (N.Y. 1928)
plan of action
Your Assets Deserve Attention to Detail
The your trust reflects part of the wealth you have accumulated during your life. A trust is a highly specific device used to preserve and distribute wealth. It can, if you wish, also serve a specific purpose such as benefiting a religious organization or providing money for a child known to spend impulsively. You deserve a highly skilled attorney who can assist you in drafting a proper trust that will efficiently distribute assets to your beneficiaries.
Discuss Your Goals
The intake begins with a discussion regarding your goals in estate planning.
Review Your Assets
A properly drafted requires a proper categorization of assets you presently own.
Drafting the Trust
I draft a trust instrument which you review. We will also go over trustees you want to select.
Guiding you through the process.
I listen intently to my clients’ concerns during the trust-drafting process to ensure high-caliber legal services.
We can help Guide you Through the Process
our professional services Include:
- Asset review and protection
- Review previous trust and estate documents
- Professional trust drafting and trustee selection