Oak Park Real Estate & Estate Planning Blog

There is a wide range of misconceptions about how certain estate planning tools or documents work and whom they are designed to benefit. Very commonly, people mistakenly assume that trusts are only beneficial to wealthy or high-net-worth individuals who are working with an estate planning lawyer. While certain types of trusts might be more beneficial to individuals with significant assets, trusts can be helpful — and sometimes essential — for people regardless of the amount of wealth they have (or have not) accumulated. Most issues pertaining to trusts in the Oak Park area are governed by the Illinois Trust Code . Our Oak Park estate planning lawyers can tell you more about certain trusts that may be relevant to your situation and may be able to help you regardless of your net worth. Trusts can help you preserve and protect your assets in the event of certain health emergencies, and they can also allow you to continue to provide for a loved one who is eligible for asset-based governme...

Estate planning involves the creation of many different documents and the use of various tools for transferring property upon death or ensuring that loved ones are financially cared for upon your death. One of those tools is a “trust,” which is, according to Fidelity , “a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.” There are many reasons that people establish trusts, including allowing beneficiaries to avoid probate, controlling financial distributions to particular individuals, planning for Medicaid and long-term care needs, and supporting a disabled loved one without putting their government benefits at risk. While many trusts are established by adults with significant assets, there are also many reasons that middle-class Illinois residents would also want to consider establishing a trust. Our Oak Park estate planning lawyers can give you more information about some of the different types of trusts that yo...