McHenry, Illinois

Trust Attorneys

We understand – planning for the future is hard.

But if you don’t make a plan for your finances, belongings, and family while you are alive, decisions regarding who receives which of your belongings will be left up to an Illinois judge.

Contrary to popular belief, the solution isn’t simply writing a will. In fact, wills are processed through probate court, which can be expensive and time-consuming. Your estate will be public for any of your heirs and family to see, and even make claims to.

At Diamond Estate Planning, our experienced Illinois attorneys can help you avoid the hassle and protect your family and estate with a trust.

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What is a Trust?

A trust is an agreement for someone to hold property for someone else’s benefit under the terms of the person creating the trust (called the trustor).

This property and assets can include:

Money
Cars
Furniture
Real estate

Stocks
Retirement accounts
Ownership interests in businesses

Money
Cars
Furniture
Real estate
Stocks
Retirement accounts
Ownership interests in businesses

Think of a trust like a suitcase. The trust agreement designates a person (called a trustee) to carry the suitcase, who then becomes in control of the things in the suitcase. The trustee is in control of the property in the suitcase but has to follow the instructions of the trust agreement regarding what to do with the things in the suitcase.

Most importantly, keeping your property in a trust allows your family to skip the expensive, public probate case, and the person you choose will handle your “suitcase” per your instructions.

Trusts also help your family avoid legal hassles like:

Going to court to settle your estate
Paying unnecessary taxes
The wrong people ending up with your hard-earned nest egg
Your kids getting a huge check at age 18 without any supervision or instructions on how to use it (and blowing their inheritance in Vegas or on a Ferrari)
Your kids giving their spouse all of your hard-earned money
Your kids not paying the taxes on their inheritance and ending up with IRS debt
Your kids or loved ones losing public benefits because they’ve inherited property

Take Control With a Trust

A trust grants you ultimate control over your estate and what happens to everything within it after you pass.

You can appoint anyone you have confidence in as your trustee. You can even appoint yourself as trustee while you’re alive, then designate another trustee for after you pass.

The trustee disseminates your estate to your beneficiaries, or the people who receive the properties in your trust. You can also make yourself your own beneficiary until you pass, then designate your children as your beneficiaries after you pass.

You name your trustee and your beneficiaries. You decide who can control your property, and at what time. With a trust, you hold the reins – not the Illinois courts.

A Well-Designed Illinois Trust Protects You, Your Family, and Your Estate

With care and consideration, your trust is the perfect way to make sure your children are well-cared for – and on your terms – should anything happen to you.

The last thing your family needs during the grieving process is a complicated, confusing, and expensive court mess. Establish a trust today so that your loved ones can focus on celebrating your memory and legacy after you’re gone.

Contact Diamond Estate Planning

Diamond Estate Planning in McHenry, Illinois is ready to help your family, no matter your situation. We have years of experience helping Illinois families plan their legacies, and we are here for you when you want to start planning yours. Schedule your first legacy protection session today.