Trusts & Estates in Elgin, IL
A trust is essentially the right of ownership of a property that is held by one individual or organization on behalf of another party. In this scenario, the trustee is the person that possesses the title to the property while the person who will gain the benefits of the trust is called the beneficiary. If you didn’t think that a trust would be applicable to your unique financial situation, think again. Trusts are frequently used as a tool to augment other property ownership laws and methods such as wills, probates, and other estate planning mechanisms.
But too many people forgo the opportunity to transfer their possessions to their loved ones in a controlled manner. Most people don’t understand that without a trust or other estate planning mechanisms in place that their property will become subject to their state’s intestate succession laws after they pass away. When people discover this truth, they are often appalled to think that the state would choose who is rightfully entitled to their property. You are much better off doing your due diligence than giving the state control over who owns your property.
Schedule a Free Consultation with the Jackson Abdalla Law Group
The problem with estate planning and trusts is that the laws can vary from state to state. Because of this fact, you need to reach out to a local attorney to make sure that you and your loved ones are protected from all of the various state laws. If you want to secure your property to avoid it being divvied up but the state in your absence, contact the Jackson Abdalla Law Group today. We can help you setup a trust as well as provide assistance with other estate planning considerations to secure the financial futures of your loved ones after your passing.