The practice of “Wills & Trusts” is a broad category that covers many legal areas mentioned within the “estate planning” section of this website. It’s often confusing to many, so we’ll break this down right away.

• A Will is a legal document that outlines how you want your assets, finances, children, and pets to be handled upon your death.
• Trusts come in different forms, such as living trust, revocable, charitable, or special needs (to just mention a few) and are geared toward people who want to avoid probate or have complex estates.

A carefully planned will, trust, or both can ensure your assets and possessions end up where you want them to go…particularly if you have minor children who will need to have a designated guardian established if you die. And, like other areas involved in estate planning, it will save you money and time later and protect your loved ones from potential financial hardship and family conflicts.

The table below presents a very brief example depicting the differences between Wills and Trusts. Please keep in mind that like each person, every estate is unique with varying degrees of complexity:

	Will	Trust
Name a legal guardian	Yes	No
Eliminates need for probate	No	Yes
Takes effect while you’re alive	No	No
Difficult to change	No	No
Does not involve guardianship	No	Yes
Transfers assets immediately	No	Yes
Remains private	No	Yes
Taxable	Yes	Yes

Some may believe that DIY templates for wills and trusts may be easy, convenient, and cheap – they could lead to very expensive and stressful mistakes in the long run. Laws and regulations related to wills and trust are continually changing and vary from state-to-state. Our experienced Attorneys at McHenry County Law are aware of the latest regulatory issues that can impact our clients.

Revocable Trusts

Revocable Trusts, sometimes called Living Trusts, help you manage your assets during your lifetime and upon your death. With a revocable trust, individuals can change the assets they plan to allocate to be distributed, or maintain them over the course of, and after, their lifetime. The creator of the trust can revise and alter how their trust should work, or even cancel the trust completely.

Once that individual passes on, the assets are distributed to beneficiaries of the trust. Prior to death, the grantor assigns a trustee in charge of this distribution.

Trusts protect your assets from the moment they are created to after you pass on. They help reduce confusion and streamline the distribution of assets. Most beneficial, trusts eliminate the need for probate court after you pass on.

Each life and financial situation are unique. There are many options that should be explored when deciding if a revocable trust is right for you. However, it doesn’t need to be an overwhelming situation. McHenry County Law is here to help you navigate your options. Contact us today. We offer a complimentary consultation so you can get to know us and feel comfortable knowing you’ll be well advised and protected.