Chicago Estate Planning Lawyers Provide Comprehensive Estate Administration Services
Delivering competent estate planning advice and guidance
Administering the estate of a loved one can be a complicated process, but at Klein, Thorpe & Jenkins, Ltd., it is our goal to simplify it for you. We are problem-solvers, and we are here to make sure your interests are protected now and in the future. We understand the complexity of administering a decedent’s probate estate and trust.
Types of wills to protect your loved ones
A will is a legal document outlining how you want your estate distributed to your loved ones. Your will can be as specific as you want to make it and can include certain assets you want to pass on to named relatives. A will can also appoint a guardian for your children if you should die or become incapacitated. Below are a few types of wills:
- Joint wills. A joint will is one that two people, typically married, make together. This type of will provides that when one dies, the estate passes on to the other person.
- Pour-over wills. A pour-over will is used in conjunction with a trust. It provides that any assets or property left out of the will be transferred into a trust.
- Living wills. A living will or advance directive describes your preferences regarding medical treatment if you are faced with a serious accident or illness and are unable to make your own decisions.
We oversee all aspects of the administration, including the marshaling of assets, inventory, accounting, preparation of estate tax and income tax returns, distributions from the estate and/or trust, and closing of the administration.
The validity of a will or the administration of an estate is sometimes challenged in court by a potential beneficiary. Our attorneys are experienced in handling all matters of litigation involving the administration of an estate or trust and incapacity issues. We can provide you with a full range of litigation options.
Types of trusts providing numerous benefits
Trust agreements come in a variety of forms. Each type of trust has specific uses, so it is important to confer with a qualified estate planning attorney to determine which type of trust you need and to obtain experienced assistance with properly administering a trust. Examples of trusts include:
- Revocable trusts. A revocable trust allows you to transfer title to property and assets to the trust during your lifetime, which removes the property from the cost and time-consuming process of probate. The trust holds the property for the benefit of your beneficiaries, but you can reserve the right to alter the terms of the trust at any time and can serve as the trustee, which means you control the trust.
- Irrevocable trusts. An irrevocable trust is useful for tax planning, asset protection, and wealth and succession planning. Assets transferred into an irrevocable trust are owned by the trust, and you cannot revoke the decision. However, you can name yourself as the trustee and have control of the trust.
- Charitable trust. With a charitable trust, at least one of the beneficiaries is a charity or nonprofit. This type of trust provides significant tax benefits, in addition to benefitting worthy causes.
- Special needs trust. When an individual receives government benefits due to a physical or mental handicap, a special needs trust can be created to protect the beneficiary’s eligibility to receive the government benefits while also allowing the beneficiary to receive supplemental funds.
It is imperative to seek the assistance of a knowledgeable and experienced attorney to properly draft your trust. With so much at stake, the advice and guidance can be highly valuable.
Confer with top-quality attorneys in Illinois
The legal team of Klein, Thorpe & Jenkins, Ltd. can provide the help you need in administering an estate or trust. Contact our firm’s office in downtown Chicago by calling 312.984.6400 or in Orland Park at 708.349.3888. We can also be reached online to schedule an initial consultation.