The Best Wills & Trusts Attorneys: A Top List

Hiring the best Wills  Trusts AttorneyIn the legal world, there is an old adage that states “only two things are certain: Death and Taxes.” Estate planning allows individuals to ensure their property and assets are distributed according to their wishes upon death. This can be done in a number of ways, depending on the individual’s situation. One way is through a trust. This allows individuals to minimize taxes and ensure their family is provided for long after they are gone. However, this can be a complicated process, and it is best left in the hands of an experienced attorney.

Attorneys in this practice area help clients achieve their objectives for passing on wealth, while minimizing estate taxes. This can be accomplished by drafting trust agreements, wills, and other related documents. Additionally, attorneys work closely with the client and other advisers to determine and carry out an appropriate plan. Throughout the planning process, attention is given to income tax savings through the timing of distributions and the claiming of appropriate deductions.

Trusts are created for a variety of reasons. Typically, they are used to hold real estate or other assets and hold them for the benefit of a beneficiary. A trustee is designated to administer the trust and to comply with the terms of the trust agreement. The law provides for both revocable and irrevocable trusts, with each having its own set of rules for how they are administered.

Often, a trust can help families avoid the lengthy probate process. This can save families money and time, as well as potential disputes among beneficiaries. Additionally, a trust can allow a family to pass on real estate without incurring taxes that would reduce the amount of money passed to them.

Another benefit of a trust is that it can provide for family members who require special care and support. This may be due to illness, injury or disability. In addition, a trust can provide funds for these individuals to prevent them from being disqualified from public assistance programs.

Finally, trusts can be drafted to benefit charities and non-profit organizations that a client supports. In addition, this can help to protect the charity from creditors and lawsuits.

A Chicago wills and trust attorney is dedicated to assisting their clients in achieving their goals for passing on their wealth, while minimizing taxes. They work closely with their clients to formulate a comprehensive plan that addresses the unique circumstances of each individual. This includes creating and administering trusts, preparing wills and power of attorneys, executing real estate transactions, and providing general counsel to businesses and private clients.

Attorneys in this practice area are experienced in a wide range of estate planning matters, including estate administration, guardianships, and the preparation of tax returns. They are also able to assist in the negotiation and settlement of disputes with creditors, insurers, and other parties. They strive to provide personalized service and attention to their clients, and are committed to a high standard of excellence and professionalism.