At Metz & Jones LLC, we offer estate planning services for LGBTQ+ clients across Illinois. From establishing powers of attorney for healthcare and finances to preparing the necessary documents to avoid probate, our legal team offers comprehensive support. We’re skilled in preparing wills and trusts for lesbian, gay, bisexual, and transgender individuals and couples throughout the state.
Creating your will and estate plan plays a vital role in the protection of your assets and your family members. Metz & Jones LLC provides a high level of client service that ensures you’re prepared for the future and the unexpected.
Our family law attorneys can guide you through the process of estate planning so you feel secure and satisfied. We have built many long-standing client relationships. Contact us today to schedule a consultation.
What Is the Difference Between a Will and Trust?
Wills and trusts are both estate planning documents, but they serve different purposes and take effect at different times. A trust becomes active the moment you create it, allowing you to manage your assets during your lifetime. A will, on the other hand, only takes effect after you pass away.
A will is your legal voice after death that clearly outlines how you want your property and finances distributed. It also names a legal representative to carry out your wishes. This document covers all property in your name that hasn’t been transferred elsewhere. Beyond asset distribution, a will allows you to make other important decisions, such as naming guardians for minor children and making funeral arrangements.
Trusts offer great flexibility in asset management. They allow you to distribute property after death or while you’re still alive. You can also plan for potential disability with a trust.
When you create a trust, you appoint a trustee— either a person or an institution —to manage the assets within it. A trust only governs assets specifically placed within it, unlike a will.
Together, a will and trust(s) create a comprehensive estate plan that protects your interests both during life and after death.
Benefits of Trusts
- Trusts help your loved ones avoid the probate process, allowing them to receive assets more quickly and privately. Avoiding probate helps prevent lengthy delays in the distribution of assets and avoids additional expense during an already difficult time.
- You can place specific conditions on how and when assets are distributed with a trust, which helps protect beneficiaries who may need guidance with money management.
- Unlike wills, trusts don’t become public record, keeping your financial matters private.
- You can use a trust to protect assets and dictate long-term care if you become disabled or incapacitated.
- Many things can go into a trust, including bank accounts, real estate, personal property, life insurance policies, etc.
Why Wills and Trusts Are Important
When creating your estate plan, wills and trusts are essential building blocks. Without a will, Illinois state law will determine how your property is distributed through intestate succession. The final outcome might not align with your wishes for your loved ones. By creating a clear, legally valid will, you ensure your assets go to the people you choose, in the way you want.
Trusts complement wills by offering powerful asset protection. While a will directs who receives your assets, a trust can help you manage them and apply contingencies.
For LGBTQ+ individuals, comprehensive estate planning through wills and trusts is particularly crucial. Despite marriage equality, LGBTQ+ families may face unique challenges in protecting assets and ensuring their wishes are respected. A well-crafted estate plan helps safeguard your chosen family’s rights, protects non-biological parent-child relationships, and ensures your partner has clear legal authority in medical and financial decisions. By creating thorough legal documentation through wills and trusts, you create an added layer of security for the future.
Estate Planning for the LGBTQ+ Community
For more than 40 years, our attorneys have been proudly serving the LGBTQ+ community. We are in a unique position to identify critical estate planning issues that affect the rights and financial interests of our clients.
Estate planning needs evolve with your relationships, whether you’re entering a new partnership, celebrating years together, or navigating a separation. Having a comprehensive plan for the future is essential to protect both you and your loved ones. Your estate plan should clearly outline how you want assets distributed, who can make healthcare decisions on your behalf, and how to handle other important life situations.
At Metz & Jones LLC, we understand these unique needs and work to ensure your wishes are legally protected.
Contact Metz & Jones LLC
To schedule a consultation with one of our attorneys, contact us today. Our lawyers for wills and trusts in Illinois have years of experience helping the LGBTQ+ community navigate legal processes. If you want to create a will or trust and don’t know where to start, we encourage you to reach out. We’re here to help you create a sound plan that reflects your wants and vision for the future.
Serving the Lesbian, Gay, Bisexual, Transgender Community and Friends in Chicago, Cook County, and Across Illinois.