45 S. Park Blvd., Suite 200, Glen Ellyn, IL 60137

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Glen Ellyn, Illinois Trusts Attorney

Lombard estate planning attorneys for revocable and special needs trusts

Lawyers Helping Create Living Trusts and Irrevocable Trusts in Wheaton and DuPage County

When creating an estate plan, there are a variety of tools available that can help you meet your family's needs while also making sure you have the resources to provide for yourself. While a will can make decisions about how your affairs should be handled after you die, you can also use trusts to manage your assets during your lifetime, use these assets to pay for your own expenses, and pass them to your beneficiaries easily and efficiently.

The attorneys of NN Legal Group can help you understand the best ways to use trusts and other estate planning tools to meet your ongoing needs and provide you with certainty about how matters will be handled both during your life and after your death. Attorney Nicolas Nelson has over 12 years of legal experience, and with his understanding of issues related to business law, real estate, and family law, he can provide you with the guidance you need to make the right decisions about your family's future.

Benefits of Living Trusts

Trusts are legal agreements in which assets are placed under the legal control of a person known as a trustee, with instructions for when and how these assets should be distributed to beneficiaries. The most common types of trusts are known as living trusts since they are created while the trust maker (also known as the "grantor") is still alive. Living trusts are typically revocable, and a grantor is allowed to modify the terms of the trust. While a trust may specify that assets will be distributed to beneficiaries after the grantor's death, distributions can be made at any time. In some cases, the grantor may also be a beneficiary, and assets may be used to provide for their own needs as they near the end of their life.

Living trusts offer a number of benefits, and they provide a great deal of flexibility and control regarding when assets will be distributed to beneficiaries and how they will be used. In addition, they can help the asset distribution process proceed easily and smoothly since, unlike a will, it will not be necessary to go through the probate process when carrying out the terms of a trust. Trusts also offer privacy; while wills are filed as part of the public record, a trust's terms will be kept confidential.

Other Types of Trusts

In addition to living trusts, there are a variety of other forms that trusts can take, including:

  • Irrevocable trusts - The terms of these trusts cannot be modified after they are created. While this will require a grantor to give up control of their assets, it can provide protection against creditors, help reduce taxes, and ensure that assets are used correctly to provide for beneficiaries' needs.
  • Special needs trusts - If a person wishes to provide financial assistance for a loved one with a disability or other special needs, giving them money directly could make them ineligible for public benefits or other forms of assistance. By using a trust, a grantor can provide a beneficiary with funds or other assets and ensure that can still receive public aid.
  • Charitable trusts - When donating money or assets to a charitable organization, a trust can be used to ensure that these donations are made at the right time and in the right form. Charitable remainder trusts will allow the grantor or other beneficiaries to receive distributions for a certain period of time, after which the remaining assets will be donated to charity. Charitable lead trusts, on the other hand, may specify that regular distributions will be made to a charity for a certain amount of time, after which the remaining assets will be distributed to other beneficiaries.

Contact Our Addison Trust and Estate Planning Lawyers

At NN Legal Group, we will work with you to determine how you can make the best use of trusts and other estate planning tools. We will advise you on the best approach to take to ensure that your wishes are carried out correctly while providing for yourself and your family in the years to come. To learn more about our estate planning services, contact us and arrange a free consultation by calling 630-474-0925. We work with families throughout DuPage County to resolve their legal concerns, including in Wheaton, Villa Park, Lombard, Carol Stream, Glen Ellyn, Addison, Glendale Heights, and Bloomingdale. Hablamos Español.

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