Monday, February 8, 2010

Wills and Revocable Living Trusts

A will is simply a written agreement that explains who you want to inherit your property upon your death. A will also should have a guardianship provision, which explains who should be your guardian in case of an incapacity. Additionally, parents can explain who shall be the guardian of their children in case they are deceased. A will is simple and easy to implement. In the State of Illinois, one must have the will notarized along with two uninterested witnesses (witnesses that are not inheriting). Unfortunately, a will does not avoid probate court. Probate court is a court which determines who is the heir of property of the deceased person's estate.

A trust is a written agreement, which is a fictional person. A Trust is good for avoiding probate court and minimizing the impact of an incapacity. There are two major types of Trust. An irrevocable trust and a revocable trust. An irrevocable trust is a trust that may not be amended, altered, or changed. A revocable living trust is a trust that can be modified, changed, or altered.

Robertson Law Group, LLC
Naperville and downtown Chicago
312-498-6080 or 630-364-2318

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