Planning ahead isn’t just about distributing assets after your lifetime. It’s about making sure your wishes are respected and your loved ones are supported, no matter what the future holds. A living will in Rockford can provide clear guidance on medical care if you’re ever unable to communicate. And working with a living trust attorney in Rockford, IL, can help you protect and manage assets during your life and for future generations.
At Crosby Law Firm, our estate planning attorney in Rockford, IL, takes the time to understand your unique needs and goals. We explain the differences between wills, living wills, and trusts, and help you decide which option is best for you. From creating a simple directive to drafting a comprehensive trust, we’ll guide you so that the process is straightforward and manageable.
Setting up a living will or trust is an effective way to safeguard your family’s future. With Crosby Law Firm by your side, you’ll have peace of mind knowing your choices will be honored and your loved ones protected. Contact us today to schedule a consultation.
Living Wills vs. Living Trusts: What’s the Difference?
When planning for the future, it’s important to understand the difference between a living will and a living trust, as they serve different purposes.
Living Will
A living will outlines your wishes for medical treatment if you’re ever unable to communicate them yourself. For example, you can specify whether you want life-sustaining measures such as ventilators. A living will in Rockford can also be paired with a medical power of attorney (POA). This document legally authorizes someone to make healthcare decisions on your behalf.
In addition, you may name a financial POA to handle financial or legal matters. Each of these designations can be tailored to your personal preferences. This gives you full control over who acts for you and how.
Living Trust
A living trust focuses on your property and financial assets, and is created and funded during your lifetime. With a living trust, you transfer ownership of certain assets to a trustee. This person or organization manages them during your lifetime and then distributes them to your chosen beneficiaries after your death. The specific terms of a trust are usually dependent on what assets you want to pass on.
One of the major benefits of a trust is that it helps you avoid probate, keeping your estate matters private and often speeding up the distribution process. Trusts also allow you to set specific conditions on when and how your heirs receive their inheritance. This offers greater control and protection for your legacy. Living trusts can be revocable (you can change or cancel them at any point while you’re alive) or irrevocable (cannot be changed once made).
What Is the Difference Between a Will and a Living Will or Trust?
A traditional will (a last will and testament) is different from both a living will and a living trust. A will ensures the distribution of your assets according to your wishes following death. These can include bank accounts, real estate, stocks and investments, and personal belongings. A will can also appoint guardians for minor children and specify how debts and taxes should be handled.
Unlike a living trust, a will involves going through probate, which is a court-supervised process that can take time and become public record. Unlike a living will, a standard will does not address your medical preferences or healthcare decisions during your lifetime.
Why Work With Our Rockford, Illinois, Trust & Estate Lawyer?
No matter the size of your estate, effective management offers significant advantages to your family. Planning for the future reduces the likelihood of legal complications, family disputes, and excessive expenses.
Understanding the pros and cons of living wills and trusts is crucial when deciding which option is best for you. By working with our Rockford trust and estate lawyer, you can decide whether a living will, a living trust, or a combination of both is best suited for your situation. Each document serves a unique purpose. Together, they can provide a comprehensive plan for protecting your wishes and your loved ones.
Our living trust attorney in Rockford, IL, provides unwavering support when you’re drafting a living will or trust. From the initial stages to final administration, we take great care in securing your assets and outlining your wishes. We understand that this planning takes on a more meaningful role beyond just paperwork. It’s about preserving your intentions, desires, and aspirations for your family members.
Contact Our Rockford Trust & Will Lawyer
You might feel intimidated about setting up a living will or trust. Fortunately, at Crosby Law Firm, our lawyer is well-versed in this area of law. Attorney Michael Crosby has years of experience helping clients with every aspect of estate planning. He understands how to legally and effectively protect your assets and ensure your wishes are respected during and after your lifetime.
Contact our law firm today to schedule a consultation and start preparing for the future.
