Chicago, IL Wills and Trusts Lawyers
Inheritance Law Attorneys Serving DuPage County, Lake County, and Surrounding Suburbs
Your legacy is a combination of the lessons you've shared and the emotional and financial wealth you've accumulated. Protect your legacy for future generations by encouraging remembrance of your familial history and protecting your financial assets to provide for your family for immediate and future needs. Katz Law Office, Ltd. provides thorough estate planning assistance, including the creation, administration, and defense of wills and trusts. Our attorneys are extremely knowledgeable about the intricacies or inheritance law and are available to help you and your family plan for today and tomorrow.
Explaining Wills and Trusts in Chicago, Illinois
A will defines the handling of your estate in the event of your death or incapacitation. It is often one component of a detailed estate plan that may also include various trusts and powers of attorney. The Probate Act of 1975 protects a person's right to make decisions about his or her estate. A trust can protect a range of assets from real estate to tangible property. In Illinois, trusts are protected by the Illinois Trusts and Trustees Act. A trust acts as a vehicle for managing and distributing assets, and can be used to provide an asset shelter from lawsuits. Some of the types of trusts we set up for our clients include:
- Land Trust - In this type of trust, a named trustee holds ownership of real estate or parcels of land for the benefit of another party (the original deed or title holder). Land trusts can be great asset protection tool, especially for those who have multiple properties to protect.
- Special Needs Trust - This option provides care for the developmentally disabled and will not disqualify your loves one from also receiving federal assistance such as Medicaid and Social Security Income (SSI).
- Living (Revocable) Trust - This type of trust can be changed or destroyed at any time during the life of the trust creator, also known as the grantor.
- Irrevocable Trust - Unlike the revocable trust, this type of trust cannot be changed after execution.
- Children's Trust - This option provides for minor and non-minor (over 18) children, is constructed to serve the best interests of the child(ren) named in the trust.
When you meet with our Illinois estate planning team, we will help you determine the best asset protection mix and choose enforceable elements that make the most sense for your circumstances.
Helping Clients Create Powers of Attorney and Living Wills
A power of attorney is a legal document that defines how you want your finances and medical treatment to be handled when you can no longer speak for yourself. According to the Illinois Power of Attorney Act, the state recognizes health care powers of attorney and property powers of attorney. Both require a named agent with power to make decisions on your behalf. It is important to not only choose a competent agent that you trust. A living will, which can work in conjunction with health care powers of attorney, upholds your decision about the administration of life-preserving procedures in emergent situations. You have a right to decide how you will live and the quality of life you desire. We will help you put together the right plan to reflect your desires.
Representing Clients in Estate Disputes
If you encounter an inheritance dispute such as a contested will or trust, we can represent you and your interests in court. In addition to litigation support, we provide mediation services if it better suits your situation. If you are being challenged or want to challenge inheritance documents, we can work with you to help you find the truth and ensure that your loved one's legacy is guarded and respected.
Contact our Chicago estate planning and inheritance defense attorneys today to schedule a free, initial consultation to discuss your concerns. We help create and defend wills and trusts, and offer thorough inheritance law support. Please call (773) 847-8982. We have several Chicago area offices to serve you. Se habla Español.