Riverwoods Trusts Lawyer
What Is a Trust?
Estate planning law allows for the creation of not just wills, but trusts as well. A trust is a legal document that provides instructions as to how the property titled in the trust’s name is to be managed. These written instructions can provide important legal benefits. Trusts have been used since the Middle Ages and pre-date wills. They can also take various forms.
Why Do I Need a Trust?
There are so many advantages to trusts that recent studies report that up to half of all people who now plan their estates are using trusts instead of wills.
Many people find trusts preferable to wills because with a trust, you can often avoid the lengthy and complex probate process. Plus, with wills, attorneys are only able to do so much to protect your assets. Trusts provide many more options for safeguarding yourself, your property, and your family.
What Types of Trusts Are Available?
There are two main types of trusts—Testamentary Trusts and Living Trusts.