The Benefits Of A Will And Trust
What happens to your assets and loved ones after you are gone? Will your assets be distributed to your loved ones in a manner that you would like? Two ways you can feel confident about knowing your assets and interests will be protected are through wills and trusts.
At Schlueter Ecklund & Davitt, we have been serving the estate planning needs of the Rockford community for over 40 years. We believe that experience matters and we will work diligently to help you create enforceable wills and trusts. We have built long-term relationships with many of our clients as their go-to resource for legal issues, and we can help you too.
The Benefits Of A Will
A will is one of several ways you can ensure that your estate is properly handled at the time of your death. In Illinois, a valid will requires two or more witnesses to sign or acknowledge its validity. In addition to the benefit of determining how your estate is distributed, there are many other benefits of a will, including:
- Deciding who will take care of your minor children
- Reducing taxes
- Making gifts and donations
A lawyer from Schlueter Ecklund & Davitt will work with you to make sure that your desires and concerns are addressed in your will. e have the knowledge and experience to help you create a will to fit your needs.
The Benefits Of A Trust
A trust is another way to protect your family and your assets. Trusts are different from wills in that a trust takes effect immediately, whereas a will is take affect upon your death. Trusts allow you to determine the conditions on how and when your assets are distributed after you die. A trust can also protect your assets from lawsuits and creditors after you die. There are many different types of trusts — including irrevocable and revocable trusts — and many benefits to having a trust, including flexibility and control. However, trusts can be complex.
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