• Marder & Seidler Law Firm – Schaumburg, IL 60193
  • 847-985-6767

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Schaumburg Wills and Trusts Lawyer

Wills and trusts are two crucial legal documents for managing your assets and property after you passed away. A will is a legally binding document that ensures your children or chosen beneficiaries receive the specific things that you want them to have. Trusts, on the other hand, handle ownership of specific titles and properties for beneficiaries. When choosing the right type of will or trust for your estate plan in Schaumburg, IL, it's essential to consult with a qualified wills and trusts attorney who can assess your unique situation and goals and recommend the most appropriate planning strategies.

At Marder & Seidler Law Firm, we make sure your assets end up in the right hands. We understand the importance of properly distributing assets to intended relatives and beneficiaries to maintain their value. Our team of wills and trusts attorneys specialized in family and financial laws and is here to assist you with all aspects of creating and understanding your will. We will help you with all the paperwork and explain what everything means, so you can make the best decisions for you and your loved ones. We can ensure that your documents comply with Illinois state laws and address your specific considerations relevant to your circumstances.

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Reasons Why You Need a Will

Here are some reasons why you should have a will in Schaumburg, IL:

1. Allows you to distribute your assets according to your wishes

A will allows you to specify how your property and possessions will be divided after your death. Without a will, Illinois laws of intestacy will determine the distribution of your assets, which may not align with your preferences.

2. You can appoint a guardian for your minor children

If you have minor children, a will is important for naming a legal guardian who will take care of your child in the event of your untimely death. Without a will, the court will decide who will take custody of your children, which may not be the person you would have chosen.

3. Minimize potential family conflicts

A well-crafted will can help in preventing disputes among surviving family members over the distribution of your estate. It clearly outlines your wishes, reducing the likelihood of legal battles.

4. Estate tax planning

Illinois does not have an estate tax unless your estate is worth under $4 million. However, a will can still be useful for federal estate tax planning. You can direct how certain tax-related expenses will be paid from your estate.

5. Gives you a sense of security

Knowing that you have a legal document outlining your wishes provides a sense of security and peace of mind. It ensures that your assets will be distributed according to your desires and that your loved ones will be provided for.

6. Support your favorite causes

If you wish to leave a portion of your estate to charity, a will is a way to do so. You can specify donations to organizations that are important to you.

Types of Wills and Trusts That We Handle

In Schaumburg, there are various types of trusts and wills that individuals can establish to manage their assets and provide for the distribution of their estate.

Following are Some Common Types of Wills That We Handle:

1. Simple Wills

Simple wills are basic types of wills that outline how your assets should be distributed and who will become the guardian of your minor child (if any) after your death. These types of wills are suitable for individuals with uncomplicated estates and straightforward wishes. Simple wills are easy to write, great for those with few assets, and easy to amend or expand on.

2. Testamentary Trust Wills

Testamentary trust wills include provisions for creating one or more trusts upon the testator's death. They are useful for individuals who want to provide for beneficiaries who may not be able to manage assets themselves, such as minor children or individuals with disabilities. It is a low-cost will option that has unlimited beneficiaries.

3. Living Wills

A living will isn't about distributing your property when you're gone. It's about deciding ahead of time what medical care you want if you can't able to speak for yourself. This will help you select the treatments you want if you become incapacitated. You can also pick someone to make those choices for you if you can't.

4. Pour-Over Wills

These wills work in conjunction with a living trust. They direct that any assets not already transferred to the trust during the person's lifetime be transferred into the trust upon their death.

Common Types of Trusts That Our Team Handles

Here are some common types of trusts that our team of wills and trusts attorneys handles:

1. Revocable Living Trusts

These trusts are created during the grantor's lifetime and can be modified or revoked as long as the grantor is alive and competent. Revocable living trusts allow for the management of assets during the grantor's lifetime and provide for the distribution of assets after their death, often avoiding probate.

2. Irrevocable Trusts

They are commonly used for asset protection, tax planning, and Medicaid planning. Once established, these trusts cannot typically be modified or revoked.

3. Special Needs Trusts

Special needs trusts are also known as supplemental needs trusts. These trusts are designed for individuals with disabilities without jeopardizing their eligibility for government benefits.

4. Asset Protection Trusts

These trusts are created to shield assets from creditors and legal judgments. Illinois has specific laws governing the establishment and operation of asset protection trusts.

5. Marital Trusts

These trusts are often used as part of estate planning for married couples. Martial trusts can help in maximizing estate tax exemptions while preserving assets for future generations.

Reasons Why You Should Hire Our Wills and Trusts Attorney in Schaumburg

1. Legal Expertise

Wills and trusts law can be complex and varies from state to state. Our specialized wills and trusts lawyers have a deep understanding of the legal intricacies involved in drafting wills and trusts that comply with Illinois state laws. We can help you navigate the legal requirements process and ensure that your documents are legally valid and enforceable.

2. Easy to Customize

Every individual's situation is unique, and generic wills or trusts templates may not adequately address your specific needs and circumstances. But with the help of our skilled attorney, you can easily tailor your estate plan that reflects your wishes and objectives. We will also advise you on various options available and recommend strategies to minimize taxes and protect assets.

3. Avoid Errors

Wills and trusts are legally binding documents, and even a small mistake or ambiguity can lead to disputes or challenges in the future. By working with our attorney, you can minimize the risk of errors that could invalidate your estate plan or lead to unintended consequences. Our Wills and Trusts lawyers in Schaumburg have the experience and attention to draft documents accurately and ensure that they reflect your intentions clearly.

4. Probate and Estate Administration

When the time comes, having an attorney assist with the probate process or estate administration can streamline the process and reduce stress for your loved ones. We will ensure that your assets are distributed according to your wishes, handle any disputes or challenges that arise, and navigate the complexities of probate court efficiently.

5. Updating and Maintenance

Life is constantly changing, and so are your circumstances and priorities. A wills and trusts attorney can help you regularly review and update your estate plan to accommodate any changes in your family, finances, or the law. Whether it's due to marriage, divorce, birth of a child, acquisition of new assets, or changes in tax laws, having a trusted advisor to guide you through these updates can provide peace of mind that your estate plan remains current and effective.

Schedule a Consultation with Us to Protect Your Legacy Today!

In Schaumburg, where legal requirements and estate planning considerations may differ from other areas, having a local trust and wills attorney like us, who is familiar with the specific laws and regulations governing wills and trusts in Illinois can be beneficial for you. By investing in professional legal guidance, you can protect your legacy. So, don’t waste your time, and contact us now at (847) 985-6767 to schedule your consultation in order to minimize inheritance taxes, avoid probate, and handle your final expenses.