How to Prepare for an Alleged Fraud Claim from a Probate Attorney

The best Chicago Wills & Trusts Attorney can ensure your estate plan will go exactly as you want it to. It is an important process that you do not want to take chances with. The legal document stipulates how your property, money and assets will be distributed when you pass away or become incapacitated. It also names guardians for your minor children and provides medical powers of attorney should you become unable to make decisions for yourself. A lawyer can also help you avoid lengthy probate and expensive taxes that may eat into your family’s inheritance.

A will can also specify if you would like to leave behind certain items of sentimental value, such as valuable artwork or heirloom jewelry. A will is not the only way to protect your assets, however, as you can also set up a Trust to protect your estate. This is an ideal option for those who have significant assets. A Trust can also be drafted to be revocable or irrevocable, depending on your needs.

You can also choose a healthcare proxy or durable power of attorney to act on your behalf when you are incapacitated. This will allow you to name someone who can help manage your finances and health care decisions should something happen to you, which is vital for people with special needs and seniors. Other legal documents can provide help with managing your money and property while you are alive, such as a living will and healthcare directive.

It is not uncommon for disagreements to arise over an estate plan or trust. If you believe that undue influence or coercion was exerted upon a testator, or that a breach of fiduciary duty occurred, it is important to work with a seasoned trust and estate litigation lawyer to fight for your rights.

Many of the same legal documents used in a will can be used to create a Trust. The main difference is that a Trust avoids the long and often expensive probate process, which may invalidate some of your stated wishes in your will. A Trust can also provide additional privacy for your beneficiaries because the contents of the Trust are not made public.

While most of us do not wish to think about dying or being incapacitated, it is a fact of life that must be addressed. An experienced estate planning lawyer can help you draft a will that clearly stipulates your wishes for your property, money and other assets. They can also set up a trust that will bypass the probate process and minimize estate taxes, which will maximize the amount of your inheritance for your loved ones.

The legal team at Peck Ritchey, LLC can review your assets and discuss what kind of trust would be most beneficial in your situation. We will explain the various kinds of Trust options available in Illinois and how they differ from a Will. We can also help you draft the necessary paperwork, which we will file with your local court to make your plan official.