Experienced Rockford, Illinois Trust Estate Lawyers
A trust and estate lawyer is a legal professional with experience in estate planning, trust administration, and the probate process. Their primary role is to help individuals plan for the management and distribution of their assets during their lifetime and after their death. This work includes creating legal documents such as wills, trusts, powers of attorney, and healthcare directives ensuring that an individual’s wishes are honored and their assets are distributed according to their desires.
Key Responsibilities and Areas of Expertise for Trust and Estate Lawyers
These are some of the main responsibilities and activities of trust and estate lawyers.
- Estate Planning: Advising clients on structuring their assets, and drafting wills and trusts to ensure assets are distributed according to the client’s wishes while minimizing estate taxes and other expenses.
- Trust Administration: Assisting trustees in managing and distributing trust assets according to the trust document’s terms, providing legal advice on the trustee’s duties, and helping resolve any disputes that may arise among beneficiaries.
- Probate Process: Guiding executors and beneficiaries through the probate process, which includes validating the will, inventorying the deceased’s assets, paying debts and taxes, and distributing the remaining assets to the beneficiaries.
- Estate and Gift Tax Planning: Helping clients develop strategies to minimize taxes on their estates and gifts, ensuring that more assets can be passed on to their heirs or chosen beneficiaries.
- Guardianship: Assisting in establishing guardianships for minors or adults who are unable to manage their affairs due to age, illness, or disability.
- Dispute Resolution: Representing clients in disputes over wills, trusts, guardianships, and the administration of estates, including litigation if necessary.
In summary, trust and estate lawyers work closely with their clients to understand their personal and financial situations and provide tailored advice to meet their specific needs. Their goal is to ensure that an individual’s estate is managed and distributed efficiently, legally, and according to their wishes, while also providing for the care and support of their loved ones.
Our Trust and Estate Planning Services
Our firm’s trust and estate planning services include the following.
Wills
Your will is the cornerstone of your estate plan, and it designates your beneficiaries, the executor of your estate, and the guardian of minor children, if any.
Revocable Living Trusts
This document is called a “living trust” because it becomes effective during your lifetime, as opposed to a will that takes effect after your passing.
Revocable living trusts have recently gained in popularity and for good reason. In many situations, a trust is a flexible and efficient tool for managing your property while you are still alive – including periods when you may be incapacitated – as well as managing and disposing of property after your death. Another advantage is that a living trust allows you to avoid probate on any property you own.
Tax Planning
Depending on the size of your estate, it may be subject to both federal and Illinois taxes. Our attorneys can work with you to determine your tax exposure and explain your options to maximize the inheritance received by your beneficiaries.
Durable Power of Attorney for Health Care (DPAHC)
This document is easily one of the most important you will ever sign. In your DPAHC, you designate an agent, as well as a successor agent, to make a variety of healthcare decisions for you in situations where you’re unable to make them yourself.
The naming of these individuals is crucial, and your choices should be very carefully considered. If you have not executed a DPAHC, the laws of Illinois will control the order of preference for family members making decisions on your behalf, and this situation can easily lead to family conflicts.
Living Will
Slightly different from a DPAHC, a living will indicates the life-sustaining medical care you would and would not want to be used to keep you alive, as well as other preferences such as pain management and organ donation.
Charitable Donations and Planning
Charitable giving can be used as a means to avoid income and estate taxes, as well as a means for continuing a special family legacy.
Gift Tax Planning
While gifting can be used as a means for estate reductions, there are strict IRS rules and regulations that must be followed. Hence, you should employ the services of experienced estate planning attorneys to avoid conflicts with the IRS.
Crosby & Crosby – Your Rockford Trust Estate Lawyers
Estate planning and administration is a key area of family law focus at Crosby & Crosby. Our estate planning lawyers are committed to supporting you and your heirs throughout the entire process, from the initial will or trust drafting to the final closure of the estate.
Moreover, if your estate plan was established years ago and your objectives have since evolved, we are ready to revisit your initial documents. Our team is here to collaborate with you to implement any necessary adjustments.
Regardless of your estate planning requirements, the Rockford estate planning attorneys at Crosby & Crosby stand ready to assist. We encourage you to reach out to our firm and schedule your complimentary initial consultation with our office.
