Under the proper circumstances, well-drafted trusts can provide significant advantages. There are various reasons you might want or even need a trust. Trusts can offer you peace of mind by protecting your loved ones in adverse circumstances. A trust significantly expands your options for managing your assets. Click on the link below and discover the benefits of trusts by speaking to the trust lawyers near Cicero, Illinois.
What Is a Trust and How Does It Work?
Perhaps the best way to describe what a trust is and how it works is by listing a trust’s benefits. These benefits include:
- Avoid probate court
- Reduce Estate taxes
- Gives more control over assets
- Low maintenance
- Assist children with special needs
- Dividing complex assets properly
- And more
Clients often ask if they need a trust since they already have a will. It depends. A trust gives you more control over your assets. For more information, call the number below to schedule a consultation.
Are There Different Types of Trusts?
There are different types of trusts. The best ones for your situation depend on your estate planning goals. The four main types of trusts include:
- Living Trust
- Testamentary Trust
- Revocable Trust Irrevocable Trust
- Irrevocable Trust
There are subcategories of these types, each with benefits that can fine-tune your trust. You, as the trustor, set up the trust that best fits your purposes.
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For more information about the trust lawyers near Cicero, visit Koch & Associates P.C. Attorneys at Law.