Gateville Law Firm employs strategies such as Living Trust. A Living Trust is a legal document similar to a Will, which a person creates during their lifetime. The creator of a Living Trust is called a Trustor. A Trustee is given authority to manage an individual asset for the benefit of the beneficiary or beneficiaries. Simply put, a Living Trust is established to plan for one’s incapacity or death. A Living Trust is typically revocable, which means that a creator of a Trust can amends, revoke, or make changes to their Living Trust. A Living Trust is also called a “Declaration of Trust” or “Revocable Living Trust” among other names.
BACKGROUND OF GATEVILLE LAW FIRM
Sean Robertson and Gateville Law Firm concentrate in estate planning. Our estate planning lawyers and staff utilize cutting edge estate planning and asset protection strategies to protect the economic security and peace of mind of our clients. Sean Robertson is a 15-year experienced estate planning attorney. Sean Robertson is a graduate of DePaul University College of Law where Sean Robertson concentrates in tax and wealth law.
ADVANTAGES OF A LIVING TRUST
There are several advantages of a Living Trust. The first advantage is the avoidance of probate court. Probate court is the court which determines who the rightful heirs are of a deceased person or otherwise named a “decedent”. The second benefit is the ability to transfer assets to beneficiaries upon one’s death in a simple and cost-effective manner. A Living Trust may also employ estate tax planning language, which minimizes or negates any estate taxes. The third benefit is a Living Trust is a private document unlike a Will. A will is public information because it must be filed at the local courthouse within 30 days after the death of the decedent. A Living Trust does not have to be filed at the local courthouse and is a private document. The fourth concern is a Living Trust has less risks of estate conflicts because there are no requirements of mailing heirs and legatees a copy of the document. With a probate and will situation, all heirs and legatees must receive notice of their inheritance rights despite being disinherited or receiving a small share than they feel is right. The fifth benefit of a Living Trust is the spendthrift provision. A spendthrift provision protects a decedent’s beneficiaries because a trust asset is exempt from creditor’s claims and liabilities. Thus, a creditor cannot seize your loved one’s inheritance unlike a will. The sixth benefit of a Living Trust is the ability to protect your beneficiaries and distributes their assets in a manner that protects them from age, problems (spending, alcohol, drugs, etc.).
CALL OUR LIVING TRUST LAWYER TODAY AT 630-780-1034
Gateville Law Firm is eager to assist you and your family with their estate plans. Most of our estate plan prospects are from past clients or referrals from past clients. We are passionate about helping families to protect their assets and create a legacy plan. Setting up a Living Trust and Estate Plan is similar to creating a legacy plan. Sean Robertson is available at 630-780-1034 or available through an online contact form.