Oswego Estate Planning Attorneys
Robertson Legal Group, LLC are Oswego Estate Planning Attorneys concentrating in living trusts, estate planning, and retirement estate planning in Oswego, Illinois. Our attorneys are experienced and seasoned. Sean Robertson is an elite estate planning attorney with offices in Yorkville and Kendall County. Sean Robertson is a 15 year experienced estate planning attorney. We assist people with simple to complex estate planning matters involving estate tax planning, asset protection planning, and minor trust planning.
LIVING TRUST ATTORNEYS IN OSWEGO
1. Probate Avoidance
A Living Trust is an estate planning strategy similar to a Last Will and Testament. There are three (3) major benefits of Living Trust or otherwise known as “Declaration of Trust” or “Revocable Living Trust”. The first major benefit of a Living Trust is probate avoidance. Probate court is a court, which supervises the administration of a decedent’s estate upon a person’s death. A Last Will and Testament must by a court, which supervises the administration of the deceased person’s estate. Many people are surprised to understand that drafting a Last Will and Testament requires a probate court procedure in Kendall County.
Unlike a Last Will and Testament, a Living Trust does not require a probate proceeding and hiring of attorneys. A Living Trust distributions your property and assets upon your death in a similar manner as a Last Will and Testament. An essential element of a Living Trust is the ability to avoid probate court. Avoiding probate court minimizes will or trust contest. Probate court requires mailing out notices to all heirs and legatees (beneficiaries of a will). A Living Trust does not have the requirement of mailing out notices to heirs and legatees. Probate court also invites all heirs and legatees to file a will contest and challenge the validity of a Last Will and Testament. Therefore, a significant benefit of a Living Trust is probate avoidance.
2. Creditor Protection for Your Beneficiaries
The second benefit of Living Trust are creditor protection for your beneficiaries. A Last Will and Testament does not offer creditor protection for your beneficiaries. Creditor protection is the protection of your beneficiaries from creditor claims. For example, Sue Smith inherits assets from her mother, Jane Smith and has a potential bankruptcy issue and has significant credit card debts. With a Living Trust, Sue Smith can still file bankruptcy and maintain her inheritance. With a Last Will and Testament, Sue Smith can file bankruptcy, but her inheritance from her mother are subject to her credit card creditors. Thus, a Living Trust enables beneficiaries of inheritance to protect their inheritance from creditor’s claims such as former spouses and creditors (all types including credit cards, foreclosures, business lawsuits, etc.).
Many elderly estate planning clients want to protect their children’s inheritance from their in-laws. One of the advantages of a Living Trust is the ability to protect an inheritance from in-laws. A Living Trust offers a “spendthrift provision”, which is a provision that protects trust assets from liability concerns. A spendthrift clause (or provision) prevents creditors from seizing a beneficiary’s inheritance money to pay their creditor claims. To be clear, a spendthrift provision does not the assets owned by a Living Trust for creditor concerns (such as the person that created the Living Trust). For example, Jane Smith is the creator of her own Living Trust and is the trustee of her Living Trust. Jane Smith’s assets are not protected from creditor’s claims, but rather upon her death, her Living Trust becomes irrevocable. The irrevocable trust that gets created, which has provisions for her daughter, Sue Smith, are protected from creditor claims. A Living Trust is Revocable during one’s life, which means that they can alter, amend, or revoke their Living Trust.
3. Flexibility to Create Sub-Trust for Children and Grandchildren
The third major benefit of Living Trust versus Last Wills and Testaments are the ability to create sub-trust for minor children, adult children, and or grandchildren. An significant asset of a Living Trust is the ability to control your assets upon your death. A Trustor (a person that creates the Living Trust) has control over their inheritance assets upon their death. Simply put, this means that the Trustor can require certain requirements for the management of their assets in their Living Trust. For instance, the Trustor of the Living Trust can set-up sub-trust, which restrict a person’s access to their inheritance money until ages 25, 30 and 35 years old. In these sub-trust, the Trustor (or the estate planning attorney) can set-up provisions, which allow the beneficiary to obtain their inheritance in the event of a health or financial crisis. Hence, a Trustor can set-up certain restrictions with a Living Trust, which they cannot do through a Last Will and Testament.
EXPERIENCED ESTATE PLANNING ATTORNEYS IN OSWEGO AND KENDALL COUNTY
In conclusion, Sean Robertson and Robertson Legal Group, LLC are your Oswego Estate Planning Attorneys. Our law firm and attorneys specialize in living trusts, estate planning, and family asset protection. Sean Robertson has offices in Yorkville and Kendall County. Sean Robertson is a graduate of DePaul University College of Law and University of Illinois at Urbana-Champaign. Our law firm serves residents of Oswego and surrounding areas such as Aurora, Plainfield, Yorkville, Plano, Shorewood, and Montgomery. Reach us at 630-780-1034. You may also email us at Sean@RobertsonLegalGroupLLC.com.