When coming up with an estate plan, many people wonder whether a will or a trust is right for them. There are advantages and disadvantages to both. For example, trusts are more complex and often more expensive, but they can help your heirs avoid certain estate taxes and probate court. A simple will, on the other hand, may cover the needs of many people, but a trust is more flexible. If you are planning on leaving a large sum to a minor, a trust would allow you to establish how and when the child will receive the sum after you’re gone. Often, if you create a will, heirs will still need to deal with probate court. Your will can also be challenged.
Trusts are a very important aspect of your financial planning. In addition to life insurance and a will, your family should have a defined plan regarding distribution of funds in the event your finances need dispersed. Proudly serving Peoria, East Peoria, Pekin, Bloomington, and the surrounding areas, Brave Law Center, P.C., offers immediate consultations with a lawyer who has proven experience protecting your legal rights.
Your estate is comprised of everything you own. This includes your home, car, investments, checking and savings accounts, life insurance, furniture, and other personal possessions. Everyone has an estate, and no one can take their estate with them when they die. A trust may fit into your estate planning needs. At Brave Law Center, P.C., our experienced attorneys can help you navigate estates law and trusts in Pekin, IL. To get started, call (309) 685-7900 today to schedule your Schedule Reservation.
An estate plan starts with either a will or a living trust. Like a trust, a will provides instructions on how you want your assets divided after you’re gone, but it does not avoid probate. The average probate procedure can take six to nine months, but complications and challenges to the will cause the process to last longer. This is why many families prefer creating a living trust, but a trust is much more complex than a will. When it comes to creating trusts in Peoria, IL, you can trust Brave Law Center, P.C. to keep your interests and goals in mind, and make sure you have the perfect estate plan for you.