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Nathan J. Noble, P.C. Attorney at Law
Helping Individuals And Businesses In Northern Illinois With Their Legal Needs

Wills And Trusts

Wills And Trusts: Key Pieces Of Any Estate Plan

An important part of any estate plan is the drafting of a will. In many cases, the creation of a trust or trusts is also part of a prudent estate plan. While a will and a trust can be created in isolation, there is a great advantage to putting together a comprehensive estate plan that takes a broad view of all of the relevant elements of your potential estate.

The Importance Of A Will

You may think your will exists primarily to ensure the orderly distribution of your assets. Your will performs this important function, but your will should be drafted to do more than that, and to work well with the other parts of your estate plan.

Because an estate plan can serve many purposes, it should be coordinated with your trusts and the operation of any powers of attorney or advance directives. If your estate plan places most of your property in trusts, your will is still important, as will name your choice of executor or personal representative, and you should choose someone who is reliable and has integrity. If relations among your children or siblings are contentious, you may want a neutral party such as a bank to handle the estate administration.

It also should identify significant personal property that you wish to allocate to specific heirs. A child may expect they will receive a particular gun, piece of jewelry or furniture or other item with monetary or sentimental value. This can help prevent ill feelings and disputes from developing after your death when there can be conflicting interpretations of your intentions. If you have children, you should indicate your choice of a guardian for them in the will.

Estate Plans With Trusts

Your estate may not need a trust. If you have relatively modest assets, with only a bank account and a home, placing all of your assets into a trust may be more trouble than it is worth. But be careful.

You should be certain of the value of all of your assets before making this decision. If your parents gave you the family farm in Boone County a few decades ago, its value may be substantial and if your estate could exceed the federal or Illinois estate tax exemptions, the failure to create the right kind of a trust could cost your children dearly.

Contact Our Firm For Assistance Drafting A Will Or Trust

Making the decision to call an attorney and discuss an estate plan is often the most difficult part of the process. Our lawyer can help draft your will, draw up a trust and create a comprehensive estate plan designed for your specific circumstances and to meet your desires for wealth transfer and preservation. Call us to set up an appointment at our Belvidere office at 888-612-3959  or use our online contact form.

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