Establish Effective Trusts

At Ann O'Connell Law, we are dedicated to protecting the interests of your family. One of the ways that we help families protect their wealth and legacy is by helping them form trusts.

A trust is a financial agreement that allows a trustee to manage the assets of a trust on behalf of a beneficiary. Trust is a popular estate planning tool because assets in a trust can avoid the probate process.

Whenever most of us hear about trusts, we think they are only for wealthy people who want to control assets. However, trusts can have significant benefits for a great variety of people.

Can a trust help you? It depends; a trust can be a valuable part of any estate plan, as long as it is well-executed. If you need help with a trust, preparing a will or with any estate planning, contact Ann O'Connell Law for personal guidance.

The Benefits Of A Trust Can Be Significant

A trust might not be best option for everyone, but it can be a valuable part of an effective estate plan. Benefits of forming a trust include:

  • Control over the terms: Trusts allow you to exercise control over what happens to your assets. You can determine when assets transfer to their beneficiaries, and the rules surrounding their use. Thus, trusts are a great tool for parents who want to make sure their children are taken care of in the event of a tragedy.
  • Avoiding the probate process: Additionally, a trust can help your estate avoid the probate process. This allows you to get assets to designated beneficiaries much quicker. This benefit is one of the most popular reasons for people to form a trust as part of their estate plan.
  • Resolving complicated asset division: Because the division of retirement plans and other assets can be complicated for people with multiple marriages, trusts can be useful for people with mixed families. Utilizing a trust can help clarify your intentions regarding your assets and help your loved ones avoid legal battles after your passing.
  • Privacy: Whereas a will becomes part of the public record, a trust does not.

These are some of the most common ways that trusts can help someone gain control of their assets. However, there are many kinds of trusts that have different features and benefits. Whether you use a trust, a will or both will depend on your personal situation.

Simple And Effective Estate Planning Solutions

Our experienced estate planning lawyers at Ann O'Connell Law are ready to help you find the right estate planning solutions for your family.

Contact our Evanston or Highland Park offices at 847-859-5453 or email us for a consultation.