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Category: Estate Planning

Why You Need a Trust – Even if You Aren’t Rich

Estate Planning Attorney Patrick A. Metcalf

by Estate Planning Attorney Patrick A. Metcalf

 

 

When you hear the words, “trust fund,” do you conjure up images of stately mansions and party yachts? A trust fund – or trust – is a great estate planning tool for many people with a wide range of incomes who want to accomplish a specific purpose with their money.

Simply put, a trust is just a vehicle used to transfer assets, and trusts are especially useful for parents of minor children as well as those who wish to spare their beneficiaries the hassle of going to Court in the event of their incapacity or death. And why would you want to keep your family out of court (known as avoiding probate)?

Perhaps you’d like to keep private the details of the assets you are leaving your heirs. Leaving assets via a will that must go through probate to go into effect makes your estate a matter of public record. A trust is a private document and distributes assets upon your death without the need for probate, which can tie up assets for a long period of time in court.

The court process can take longer than is necessary and keep your family from getting access to your assets as quickly as they want or need them.

If you have minor children, you need to create a trust to leave your assets to them since minors cannot inherit directly. You will want to name a trustee to manage those assets for your children. Even if your children are adults, a trust can help protect assets you leave for them from creditors, legal judgments, divorce, or even their poor money management habits.

You can even establish a trust for yourself in case you become incapacitated and cannot manage your own finances at some future time. The trust assets are managed by a successor trustee, which avoids the need for a court-appointed conservator if you become incapacitated.

Trusts are also wonderful tools for those who are members of a blended family. If you are remarried and have children from a previous marriage, you can provide for your current spouse while ensuring your assets pass to your children from another marriage using a by-pass trust.

Please note:

This blog is not a legal advice. You should consult an experienced Estate Planning attorney help you with your estate planning process. It’s best to have an attorney review your background and your needs before you start your plan. You may not get the desired outcome if you do not pan properly.

Please contact our trust and estate planning lawyer at 847-882-1992 or visit us at our website www.MetcalfLawGroup.Com if you have any questions regarding your estate plan.

Who needs Estate Planning?

Estate Planning Attorney Patrick A. Metcalf

by Estate Planning Attorney Patrick A. Metcalf

 

 

Most people with assets or family should have an estate plan. Typically, you should establish an estate plan if you;

  • own property that matters to you,
  • have minor child (under 18),
  • are concerned with possible incapacity
  • are concerned with privacy issues,
  • have philanthropic goals, and
  • want to establish business succession.

Remember, estate planning isn’t only for the rich, nor are there minimum property requirements, such as owning a home. Anything you care about—from artworks to gold earrings to items with little or no market value such as the old family rocking chair or loved photographs—is significant enough to warrant at least basic estate planning. The key is to ask yourself whether you own any property that you want to go to a specific person or organization when you die. If the answer is yes, you need to create a plan to make sure your desires will be carried out.

Notice all the above reasons starts out with “you”. That means you will decide what to do with your property, not someone else. If you do not have a plan, others will decide what to do with your assets.

Please note:

This blog is not a legal advice. You should consult an experienced Estate Planning attorney help you with your estate planning process. It’s best to have an attorney review your background and your needs before you start your plan. You may not get the desired outcome if you do not pan properly.

Please contact our estate planning lawyer at 847-882-1992 or visit us at our website www.MetcalfLawGroup.Com if you have any questions regarding your estate plan.

What is a Will?

Will Lawyer Patrick A. Metcalf

by Estate Planning Attorney Patrick A. Metcalf

 

 

A will is a legal document that explains your wishes regarding the distribution of your property and the care of any minor children after death. If you die without a will, those wishes may not be carried out. Further, your heirs may end up spending additional time, money, and emotional energy to settle your affairs after you’re gone.

Some people think that only the rich or those with complicated assets need wills. There are many good reasons why you should have a will. Here are some reasons why you should have a will:

  • You can be clear about who gets your assets. You can decide who gets what and how
  • You can keep your assets out of the hands of people you don’t want to have them (like an estranged relative)
  • You can identify who should care for your Without a will, the courts will decide.
  • Your heirs will have a faster and easier time getting access to your assets.
  • You can plan to save your estate money on taxes. You can also give gifts and charitable donations, which can help offset the estate

Notice all the above reasons starts out with “you”. That means you will decide what to do with your property, not someone else.

Please note:

This blog is not a legal advice. You should consult an experienced Estate Planning attorney help you with your estate planning process. It’s best to have an attorney review your background and your needs before you start your plan. You may not get the desired outcome if you do not pan properly.

Please contact our office at 847-882-1992 or visit us at our website @ www.MetcalfLawGroup.Com to talk to a will lawyer if you have any questions regarding your estate plan.