Wills and Trust
Wills and trusts are two of the most important tools in building an estate plan. While most people understand the purpose and function of a will, many people are not familiar with how trusts work. Wills and trusts are used for similar purposes, but they operate very differently. At the law firm of Mulyk, Laho & Mack, LLC, our attorneys are knowledgeable about all aspects of estate planning including working with both wills and trusts. We also help clients modify wills and trusts as part of divorce proceedings.
Contact the Wills and Trusts Attorneys at Mulyk, Laho & Mack, LLC at (630) 852-1100
A will is a legal document that specifies your wishes for your estate after your death. In it, you describe your assets, prescribe what will happen to those assets, appoint a guardian for minor children and dependants and assign an executor to make sure your wishes are carried out. If your will goes into probate, the court determines the validity of the will and administers the property of estate. In probate, part of the estate is lost to taxes and often attorney fees.
Understanding the Function of a Trust
A trust differs from a will in that property does not go through probate after your death. With a trust, your assets are transferred into the trust while you are alive. You retain control of the trust until your death. Upon your death, your heirs inherit whatever remains in your trust. You name a trustee to oversee the trust and follow the rules you have established. Trusts may help those with significant assets because their heirs can avoid probate and save on Federal taxes. At Mulyk, Laho & Mack, LLC, we are experienced in managing both wills and trusts and can offer counsel on how to best structure your estate plan.
If you are in need of an attorney that concentrates in the area of family law, estate planning or any of our other practice areas, contact Mulyk, Laho & Mack, LLC at (630) 852-1100 or by email to make an appointment for a consultation.