Asset protection services help you stop creditors from seizing assets during probate. A trust attorney in Rockford, IL understands the ramifications of failing to protect your assets. They can create a comprehensive plan to ensure your family gets their inheritance and avoids serious financial losses.
Compile a List of Assets
Providing your trust attorney in Rockford, IL with a complete list of your assets makes it easy to appraise your estate and determine what assets should be removed. An estate with a higher value could spend over a year in probate before the court releases your assets to your heirs. A popular way to reduce its value is setting up a trust and transferring ownership of the properties to the trust.
Dictating Who Gets Your Assets
A trust helps you assign ownership to a family member directly. You should have a will with your estate plan to give your heirs specific assets. However, if you transfer them into a trust, you can give your successor immediate access to the assets without will administration or going through probate.
You name a successor when setting up your trust. When you die, your successor gains control over the trust and all items owned by the trust. If you set up a revocable trust, you can make changes later based on life events such as divorce.
Protecting your assets against the probate court stops creditors from collecting outstanding balances. If the estate’s value is minimal, the probate process takes less time. Some estate planning steps prevent your estate from going to the probate court. Contact Brynteson Law Firm https://bryntesonlaw.com to learn more about irrevocable and revocable trusts.
