How to Choose the Right Trust & Trust Attorney

Hiring the best Wills  Trusts AttorneyRegardless of your wealth level, it is vital to have an estate plan in place that helps preserve and distribute your assets in accordance with your wishes. An experienced Chicago Trusts & Estates Attorney can help you develop and execute a plan that best meets your needs. A comprehensive estate plan can be used to transfer your property and assets to beneficiaries in a way that will minimize federal taxes, protect family members from financial predators, provide a consistent income for your family, reduce debts, and address your philanthropic goals.

Estate planning can be complicated, but with the right lawyer by your side, you can rest assured that your assets and property will be transferred to your heirs in accordance with your wishes. Trusts and other legal instruments can be used to allow you to retain control over your property while still allowing the trustee of your choice to manage it.

Trusts are a Swiss Army Knife of estate planning tools and can be used for many different purposes. The team of Chicago trust lawyers at Peck Ritchey, LLC can help you review your assets and determine whether a revocable or irrevocable trust is right for you. We can also advise you on a range of other trust options that can provide a variety of benefits, such as tax savings and asset protection.

Our Chicago trusts and estates practice is dedicated to helping clients develop an appropriate strategy for the distribution of their accumulated assets upon death. We can assist with the drafting of documents such as wills, trust agreements, power of attorneys, medical directives and closely held business structures. Our goal is to ensure that our clients’ accumulated wealth is efficiently transferred to their spouses, younger generation family members and other individuals they wish to benefit, as well as charities.

We can also assist with trust administration, which is the process of settling claims against the decedent’s estate, validating the will and distributing the estate according to its terms. This can be complicated, and the executor or administrator of the estate may face allegations of wrongdoing. Our Chicago trust and estate litigation attorneys can help defend these fiduciaries, resolving disputes through settlement negotiations or court action as necessary.

Even with the best of intentions and careful planning, issues can arise during the administration of a will or trust. Beneficiaries, relatives or other parties may claim that fraud, undue influence, coercion or another breach of fiduciary duty occurred. Depending on the complexity of the case, it is often in the best interests of all parties to have an experienced Chicago trusts and estates litigation attorney on your side.

Contact us today to schedule a consultation with one of our knowledgeable and compassionate Chicago trust lawyers. We look forward to the opportunity to serve you. We are committed to delivering exceptional legal services with integrity and respect for our clients. This includes being accessible and responsive when you need us.

Guardianship Basics- Factors to Consider in Determination of Wards

Guardianship, also known as guardianship, is an important legal tool which enables one individual or organization to make key decisions for the other (the guardian), said Georgia’s finest probate and guardianship attorney. Usually, courts are tasked to establish guardianship, and in cases of extreme disability or incapability, they usually appoint guardians immediately. It is necessary to note, though, that a guardianship does not mean a guarantee that the person being cared for will be well-cared for. The judge or court decides this after looking at the mental capacity of the ward.

 

In a guardianship case, there are two main people involved: the guardian or trustee and the appointed child’s spouse, either also known as the non-relative child. An appointment can be made by the guardian or through the court, or by an appointed person such as a licensed practical nurse. It is important to note that, in some cases, the court may appoint both the guardian and the person designated to look after the child. There are, however, certain limitations on how this function can be performed. One of these is where the child is too ill to care for himself/herself or where the guardian is deemed unfit, for any reason.

 

Another function of guardianship is to make decisions in respect of the respondent. The respondent is the person or entity who has been diagnosed as incapacitated. When this is the case, then the respondent is given a deadline to make a decision about the matter. If he/she fails to do so, then his/her guardian is given the responsibility of looking after him/her. In some cases, the respondent may choose to cooperate with the guardian. In such a situation, the respondent must go through a special process for the purpose of making a decision on his behalf.

 

There are different types of guardianship. Legal guardianship refers to any type of guardianship that takes place in a court’s court. In such situations, a legal guardian may act on the ward’s behalf in matters relating to his/her education, health, safety, housing, etc. An appointed guardianship is when the person making the request is a relative or a friend. In the latter case, the relative or friend may act on the ward’s behalf as his/her legal representative.

 

Any type of guardianship can be established in a child’s best interests. For example, the court may appoint a guardian who has experience in the handling of children, if necessary. On the other hand, the court may appoint someone who is not related to the ward. This is especially the case when appointing a close friend or relative to be the proposed guardian.

 

Whatever the case, the best interest of the ward must be the primary consideration for the court. This can only be determined by taking all relevant factors into consideration. This includes the ages of both parties involved, their relationship, the abilities and limitations of each party, the welfare of the ward and other relevant factors. If you feel you have a good case, you should consult an experienced attorney who will make decisions that are in your best interest.