Illinois Wills and Trusts Lawyers
At Metz & Jones LLC, we offer comprehensive estate planning services and legal advice on behalf of clients throughout Illinois. As with powers of attorney for health care and property, we are able to execute wills and trusts for lesbian, gay, bisexual and transgender individuals and couples throughout the state of Illinois. Careful estate planning can play a vital role in the protection of your assets and your family.
Metz & Jones LLC provides a high level of client service that has resulted in the cultivation of many long-standing client relationships. Our LGBTQ attorneys can guide you through the process of estate planning so you feel secure and satisfied with how your belongings will be distributed.
What is the Difference Between a Will and a Trust?
A trust is a document that is effective right after you make it, whereas a will is only relevant after the person who creates it passes away. While they are different documents that serve different purposes, they work together to create a well-rounded estate plan for your belongings.
A will says exactly what happens to your property and finances and who will receive them. It appoints a specific legal representative to make sure your belongings are divided and distributed exactly as you wish. It refers to any and all property that is in your name, and not anything that has been transferred. A will also allows an individual to assign guardians to your children and even specify funeral plans.
A trust can allow you to distribute property even before you pass. With a trust, you can assign a trustee, who is the individual or institution that holds legal title to property for your chosen beneficiary. Property that is transferred specifically to the trust will be covered, as opposed to property you already own that is described in a will. You are also able to plan for disability with a trust.
Why Wills and Trusts are Important
Two of the core estate planning documents that play a crucial role in most estate plans are wills and trusts. A validly executed will is essential for you to have in place. Without a will, your property will be passed to your heirs by the laws of intestate succession. To pass your property to your beneficiaries in the manner you desire, a carefully drafted and executed will is necessary.
While wills clarify who will receive your assets, trusts play an essential role in asset preservation. Through the use of trusts, you may minimize or potentially eliminate your exposure to federal and state estate taxes. Trusts also allow you to help your beneficiaries limit probate costs, which can be significant.
Estate Planning for the LGBTQ Community
For more than 40 years, our attorneys have been proudly serving the LGBTQ community. Since a majority of our clients are lesbian or gay individuals or couples, we are in a unique position to identify critical estate planning issues that affect the rights and financial interests of lesbian, gay, bisexual and transgender clients.
Whether you are starting a relationship, involved in a long-term relationship, or need to revise your estate planning documents due to a relationship ending, you can rely on us for the experienced and knowledgeable representation you need.
While Illinois has recently enacted legislation that enables lesbian and gay couples to enter into a civil union, many states throughout the country and the federal government still don’t recognize civil unions. Moving and traveling can affect the status of your civil union.
Whether or not you are in a civil union, it is critical that as a same-sex couple, you have in place a comprehensive estate plan. It should clearly define your wishes regarding how you want your estate distributed, your critical health care decisions, and other vital situations that will affect you and your loved ones.
Contact Metz & Jones LLC
To schedule a consultation with one of our Chicago estate planning attorneys, call 773-878-4480 or contact us by e-mail. The lawyers in our Lgbt Law Firm in Chicago have years of experience helping the LGBTQ community navigate the legal system. If you want to create a will or trust and don’t know where to start, we encourage you to reach out to our Chicago, Illinois office today. We look forward to working with you, regardless of your sexual orientation.
Serving the Lesbian, Gay, Bisexual, Transgender Community and Friends in Chicago, Cook County and Illinois.