Smoothly Transfer Assets To The Next Generation
Some people think that wills and trusts are only for wealthy individuals. Nothing could be further from the truth. Even if your assets are not complicated, recording your wishes in a legally binding fashion will ensure that they are respected. Planning a little in advance will give a lot of clarity in later years.
At McCarthy & Allen, we have years of experience helping our clients plan for the future of their estates in a way that makes sense. Estate planning does not need to be complex, but it does need to be done. After taking a comprehensive look at your financial situation, we can advise you on the best path forward. We have served clients throughout Madison County for years and look forward to doing the same for you.
Do I Really Need A Will?
A will is a legal document that designates who should receive your assets after you pass away, as well as who should distribute them. Often this is your spouse, your children, an organization you support, or a combination of those things.
However, if you pass away without a will, then Illinois law takes over. So-called “intestate” laws specify who should inherit what in the absence of a will. Not only are these decisions final, but they may not match what you would have wanted.
Wills Versus Trusts: What Is The Difference?
While a will specifies who should inherit your assets, a trust is an actual legal entity that owns assets you transfer into it. There are several different kinds of trusts, and they can have tax benefits, avoid the probate process and allow flexibility for your assets that is not possible with a simple will.
The easiest way to determine whether a will or trust would work better is to discuss your goals with one of our estate-planning lawyers. Once we gain an understanding of your financial situation and how you would like to distribute your holdings, we will be able to identify which of these instruments is the right one for you.
Planning For The Future, Made Simple
Creating a will or trust does not have to be difficult. Our attorneys will guide you through the entire process and help you create a plan that lets everyone sleep easier at night. To contact our legal team, please reach out using our online contact form or call our office: 618-307-4099.