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Meet Attorney Roxanna M. Hipple

Revocable Living Trusts

A revocable living trust is an estate planning tool you can use to decide in advance who will take ownership of your property and assets after you pass on. Its revocability lies in your freedom to alter the terms of the trust as you see fit, and it is “living” because you have the freedom to do so while you are alive.

Benefits of Establishing a Revocable Living Trust

Having a revocable living trust can help you and your loved ones circumvent the probate process, which is long, costly, and generally unpleasant for all involved. Probate proceedings have a way of severely depleting assets left behind after a person’s death, to the point that there is not much left by the time the court reaches decisions regarding who gets what.

However, by establishing a revocable living trust, you can ensure your wishes will be carried out efficiently and without the necessity of court involvement to keep your hard-earned assets from being depleted by court fees, taxes, legal bills, etc.

Key Differences Between Wills and Revocable Living Trusts

Whether you have a will or a revocable living trusts, you will be able to name beneficiaries for specific property and assets, bequeath property to minor children, and change your wishes and instructions as you see fit. However, wills and revocable trusts are generally used to accomplish different things.

By creating a trust, you can avoid probate, minimize the likelihood of a legal dispute over your property, avoid the need for conservatorship, and make sure your wishes and documents will remain private after you have passed away.

Wills, on the other hand, allow you to name an executor, appoint guardians for minors, select overseers for property left to children, and tell your family members exactly how they are to pay off your debts and remaining taxes after your death.

Estate Planning Services in Kane County

You may still be unsure about whether a revocable living trust or a will is more suitable for your particular situation. That’s okay.

At Hipple Law P.C., we know what it takes to help you find the estate planning solutions that are right for you. We may be able to help you and your family create a custom estate plan that will allow you to make informed decisions going forward. Connect with a member of our team today to schedule your initial consultation with Attorney Roxanna M. Hipple.

Call (847) 787-7179 today to learn more.

Awards

  • National Association of Consumer Bankruptcy Attorneys
  • Illinois State Bar Association
  • NOLO
  • American Bankruptcy Institute