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Lombard estate planning attorneyNo matter what your age, a will can offer numerous benefits as part of a comprehensive estate plan. As the AARP notes, your will serves as a roadmap for stating your intentions, distributing your possessions to beneficiaries, and wrapping up your final affairs. With a will, you maintain control over your assets instead of being subject to Illinois intestacy laws and reduce the potential for disputes among surviving loved ones, saving time and money in the estate administration process.

What you may not know is there are a few objectives you cannot accomplish by creating a will. This can lead to surprises if you expect to achieve certain goals, so it is wise to consult with an estate planning attorney regarding the details. Here is an overview of four things you cannot do through your will.

1. Evade Creditors

If you incurred debts or related legal obligations during your lifetime, you will not be able to get rid of them through your will. Your creditors can still pursue your estate, and in some cases, specific beneficiaries, to obtain payment. The person you name as executor cannot avoid debts, because they will be required to provide notice to creditors and pay verified claims.

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Lombard IL living trust attorneyMany people associate estate planning with death, and as a result, they often miss out on a truly valuable instrument of asset protection and financial management during their lifetime. A great place to begin learning about and utilizing estate planning is what is known as a “living trust.” This estate planning resource can allow you greater control over the transfer of your assets to your loved ones when the time is right through a mechanism that bypasses the time and expense of probate. To begin benefitting from estate planning, whether through a living trust, a will, or other tools, work with an experienced Illinois estate planning attorney.

Functions of a Living Trust

Unlike a will or a testamentary trust, which become effective only upon your death, a living trust can become effective while you are living. For many, a primary reason to create a living trust is to protect assets from the probate process. This form of lawful asset protection is accomplished when legal ownership of the assets is transferred from you—the “grantor”—to the trust under the control of a “trustee.” The trustee holds the assets in trust for those you who have selected to benefit from them—the “beneficiaries”.

Importantly, the law even allows you to be named as the trustee of your own living trust, which permits you to retain full control of the assets held in the trust during your lifetime. You have the ability to add or remove assets, modify the terms of the trust, or revoke the trust as you see fit. It is also important to name a successor trustee who will take over management of the trust assets in the event of your death or incapacitation. After your death, the assets can then be distributed to your named beneficiaries according to your wishes.

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