Sandwich, IL Wills and Trusts Lawyers

Attorneys Helping Families in Somonauk, Illinois Use Trusts to Avoid Probate

Many people assume that simply having a last will and testament in place is enough to ensure a smooth transition of their assets after death. However, a will alone does not allow a family to avoid probate. In fact, a will must be submitted to the probate court in most cases, making it a starting point for a legal process that can be time-consuming, costly, and stressful for loved ones. For families in Sandwich and Somonauk, understanding the limitations of a will and the advantages of using a trust as part of a comprehensive estate plan can be essential for protecting assets, minimizing delays, and preserving wealth for future generations.

The attorneys at Gateville Law Firm work with families to build estate plans that go beyond basic documents. We help clients create and fund living trusts that allow them to bypass probate entirely, providing significant advantages in terms of time, privacy, and expenses. Trust-based estate planning can provide greater control and security while minimizing the legal complications that can arise when estates are settled through the court system. Our goal is to simplify the estate administration process while making sure a family is prepared for the future.

Why a Will Does Not Avoid Probate in Illinois

A last will and testament is an important legal document, but it does not eliminate the need for probate. In Illinois, probate is required when a person dies with assets in their name alone totaling more than $100,000 or when they owned real estate property outside of a trust or joint ownership structure. A will can detail how assets should be distributed, but it will not avoid the court's involvement.

During the probate process, the following steps will be taken:

• The will is validated by the court
• An executor is appointed to manage the estate
• Creditors are notified and given time to file claims
• Assets are inventoried and appraised
• Taxes and debts are paid
• Remaining assets are distributed to beneficiaries

This process can take several months, and it may be even longer for more complex estates. If there are disputes among heirs, unclear instructions in the will, or questions about the will's validity, the process can be delayed significantly. In addition, probate can be costly. Court filing fees, publication fees, appraiser fees, executor compensation, and attorney fees can all add up, diminishing the value of the estate.

Trusts as a Way to Avoid Probate

Unlike wills, trusts allow families to transfer assets outside of the probate process. A revocable living trust can hold the titles to real estate property, financial accounts, business interests, and other assets during the grantor's lifetime. Upon the grantor's death, a successor trustee will manage and distribute assets according to the terms of the trust, without court supervision.

Key benefits of using a trust to avoid probate include:

• Privacy: Probate is a public process, but a trust will remain private. A family's financial information, the value of different assets, and the names of beneficiaries will not become part of the public record.
• Efficiency: Assets held in trust can be distributed quickly and without delay, often within weeks rather than months or years.
• Cost Savings: Trust administration can typically avoid the court fees and legal expenses associated with probate, preserving more of the estate for beneficiaries.
• Reduced Risk of Disputes: Clear instructions in a trust can reduce conflict between family members and limit the potential for contested proceedings.

In addition to revocable trusts, irrevocable trusts may also be used to protect assets from creditors and preserve eligibility for Medicaid or other benefits.

The Importance of Funding a Trust

Creating a trust is not enough on its own. To avoid probate, assets must be properly titled in the name of the trust, which is a process known as funding the trust. This step may involve:

• Transferring real estate to the trust by recording a new deed
• Updating bank accounts, brokerage accounts, and other financial assets to reflect trust ownership
• Assigning business interests or intellectual property to the trust
• Naming the trust as the beneficiary for certain accounts when appropriate

Failure to fund the trust means assets may still pass through probate, defeating the purpose of the plan. The attorneys at Gateville Law Firm work closely with clients in Sandwich and Somonauk to ensure that their trusts are fully and properly funded. We can review asset ownership to confirm that the plan will function as intended.

Additional Benefits of Trust-Based Estate Planning

Beyond avoiding probate, trusts offer a range of benefits that make them a powerful estate planning tool for families with diverse needs and goals. These benefits include:

• Asset Protection: Certain types of irrevocable trusts can protect assets from lawsuits, creditors, or long-term care costs.
• Continuity During Incapacity: If the grantor becomes incapacitated, a successor trustee can manage a trust's assets without the need for court intervention, providing stability while also helping to avoid guardianship proceedings.
• Control Over Distribution: Trusts allow for staggered or conditional distributions, ensuring that young or financially inexperienced beneficiaries will receive assets at the right times and under the right conditions.
• Support for Special Needs: A special needs trust can provide for a beneficiary with a disability without compromising their eligibility for government benefits such as SSI or Medicaid.
• Business Succession Planning: For families who own businesses or farms, trusts can provide for the smooth transition of ownership while protecting the value of the enterprise.

Contact Our Sandwich and Somonauk Trusts and Estate Planning Attorneys

An estate plan that relies solely on a will may not provide the efficiency, protection, or control that you need. The attorneys at Gateville Law Firm can help your family avoid the complications of probate through thoughtful trust-based planning. Whether you are starting from scratch or looking to improve your existing estate plan, we will provide the guidance you need to protect your legacy. Contact our Somonauk living trust lawyers at 630-780-1034 to schedule a free consultation.