Trusts Attorney in Chicago

As you begin to consider how you would like your estate to be disbursed after you pass on, you may want to consider putting some portion of your estate into a trust. Aside from the fact that trusts help to minimize estate taxes, your loved ones will likely be able to avoid the probate process before accessing the assets you have left for them. Setting up a trust can allow your family to avoid uncertainty, extra expenses, and potential arguments so they can focus on the emotion of the moment and coming together.

However, in order to set up a trust, you will need legal guidance from lawyers with the experience of drawing up such documents in a way that eliminates confusion and helps avoid the costs and delays of probate.

The Chicago trust attorneys at Peck Ritchey, LLC have been guiding families through these difficult and complex documents for decades, providing a peaceful, easy, and less costly way for Chicago residents to distribute property, income, and other assets after they pass away. Our lawyers have been singled out for praise and accolades by clients and colleagues alike for our ability to deliver the precise advice and assistance needed every time.

If you are a resident of Cook, Lake, Kane, or DuPage County, and you are interested in passing on any portion of your estate with a trust, you should speak with a Chicago trust lawyer at Peck Ritchey, LLC, about what this could mean for you and your family. Our legal team in Chicago understands just how important this will be for you to get right; we can help you work through every state of your estate planning to ensure that everything is in order.

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    Wills Versus Trusts, What’s the Difference?

    A will and a trust are two very separate and distinct aspects of estate planning. They distribute assets in very different and distinct ways. It is typically advised that a person have both a will and a trust in place, but what is the difference between the two?

    A will is a legal document that becomes effective after the death of an individual. A will specifies how the deceased wishes for their assets to be divided. In comparison, a living trust can be put into effect while an individual is still living. That individual may even designate themselves as the trustee, retaining control of the assets until their death. Living trusts offer individuals flexibility and are excellent companion pieces to a formal will.

    An experienced estate planning attorney with Peck Ritchey, LLC can help you review your assets and determine which trust option may be right for your particular situation. We can also help you determine which assets may be right for a trust and which assets would be better suited to distribution through a will. If you have questions about how a trust could benefit your family, contact the legal team at Peck Ritchey, LLC for answers you can rely on.

    Advantages of Trusts

    Both living trusts and irrevocable trust have their advantages, although living trusts tend to give individuals more flexibility and are more common. Why should you consider adding a trust to your estate planning portfolio? Consider the following:

    Living trusts offer the following advantages:

    • Avoiding Probate: A living trust ensures that assets transferred to the trust will avoid being subject to probate when the individual passes. Probate is the process where the courts ensure that debts are paid, fees are covered, and assets are distributed properly to heirs and beneficiaries. The probate process can be lengthy, especially if there is no will. Assets that are held in a trust do not have to go through the probate process. They can be distributed according to the instructions laid out in the trust itself.
    • Privacy: A living trust offers some amount of financial privacy. The contents of a will are public. Friends and family members are able to view the document in its entirety as wills are a matter of public record. However, a trust is not. Your beneficiaries and financial information are kept private and are not a matter of public record or scrutiny.
    • Disability Planning: A living trust allows you to name a successor trustee to take control of the trust in the event of incapacitation or disability. This trustee can manage the trust assets in accordance with trust instructions without the need to have a family member or other person named as guardian, which can be an extensive process.
    • Financial Control: A living trust is a flexible document that an individual may be able to amend and update in a relatively easy fashion. It also gives the individual control of who the beneficiaries are and how the money is allocated. With a living trust, an individual can dictate how and when money or assets are distributed. Distributions may be limited to an age restriction or even achieving a certain milestone, such as a graduation or marriage.  

    Trust Lawyers Make it Easier to Set Up Your Trust

    Ensuring your property and other assets are passed down to those you feel deserve them in as simple, inexpensive, and straightforward a way as possible is one of the most important aspects of preparing for the future. With such an important process, you don’t want to risk mistakes by introducing a lack of clarity or a lack of legal understanding into the drawing up of your trust.

    A good trust lawyer will understand every aspect of the trust process. They will know Illinois law about trusts, the various kinds of trusts available in your situation, and how to ensure a trust is followed to the trustor’s exact wishes.

    Experience is also important here. Most people have never had to deal with a trust, which means they don’t know where to start with the process. A good trust lawyer will have the experience to match their knowledge, allowing them to advise on the best course for the trustor. They’ll be able to tell you which assets work best in trusts and which trusts work best for you.

    While it is, in theory, possible to draw up a trust without the assistance of a trust lawyer, there are risks involved. Again, with such a valuable document, risk is the last thing you want. Putting the development of your trust in a trust lawyer allows you to express your wishes for the future and to enjoy the confidence knowing those wishes will be enacted exactly.

    Peck Ritchey, LLC Has the Experience to Handle All Your Trust Requirements

    When you want to avoid lengthy probate and expensive taxes that would reduce the estate your family inherits, you want to make sure your trust is drawn up by the best the city has to offer. In that case, there’s no one better in Chicago and the surrounding area than the lawyers at Peck Ritchey, LLC.

    Our partners are among the most prominent lawyers in elder law in the state. Managing partner Kerry R. Peck has worked directly with the city of Chicago and the state of Illinois to protect the elderly and won the Justice John Paul Stevens Award in 2014, the most prestigious award available through the Chicago Bar Association. Meanwhile, partner Timothy J. Ritchey has been singled out as a Super Lawyer Rising Star in every year from 2012 through 2018 and was placed on the 40 Illinois Attorneys Under 40 to Watch by the Law Bulletin Publishing Company. All of our lawyers carry with them stellar pedigrees, with careers full of accolades and recognition for their knowledge and ability to provide clients with exactly what they are looking for in regards to their estates.

    With more than 100 years of collective experience serving our clients, we know every aspect of estate law, and each of our lawyers is able to provide the guidance you will need to plan for the best way to pass on your assets. Such experience and praise shows that whatever your specific trust needs, the lawyers at Peck Ritchey, LLC will be able to provide you with the best assistance in Chicago.

    Creating a Trust to Distribute an Estate in Chicago

    Trusts Attorney in ChicagoThere are many different kinds of trust. It is absolutely crucial that your trust reflects on your particular situation and desires. There are different kinds of trusts, and different trusts will involve different kinds and amounts of assets. Setting up that trust successfully means getting the details right, and that has to start with setting up the right kind of trust.

    Now that you want to pass on part of your estate with a trust, there will be a number of important decisions that you will need to make about what kind of trust you would like to form. The most notable decision that you will need to make about your trust is in regards to whether it will be one or the other of the following:

    • Revocable Trusts, or Living Trusts
    • Irrevocable Trusts

    While you will be able to retain control of a revocable trust for the remainder of your life, you will immediately cede control of any assets you place in an irrevocable trust. The differences between these two are significant and should be fully understood by the trustor. Before you decide to do anything, discuss your options and all the ramifications of those options with one of the trust lawyers at Peck Ritchey, LLC. Our Chicago legal team can help you make the decisions that are right for you.

    Consult with a Trusts Attorney in Chicago

    You can provide for the security of your family after your passing today with a trust. If you would like to learn more about disbursing any portion of your estate through a trust, you should consult with a trusts lawyer about what options will be available to you. To speak with an estate planning attorney about your estate, please call our Chicago offices at (855) 328-5787 today.


    Attorney Kyle Fahey handled our matter with skill and professionalism, and was always responsive. 10/10, would work with him and the firm again.

    –Jon T.

    The peace of mind that Peck Ricthey's office has given me is worth every penny. The services they provided me and my family in an emergency medical situation is beyond outstanding. Last minute notice, Peter Brady and team were compassionate, understanding and most importantly efficient and got the job done. Look no further if you have any needs that this office can provide for you. Definitely in good hands! Thank you, a thousand times over for all of your help.

    –Christine K.

    Very responsive and knowledgeable at handling our brother’s estate. Would definitely recommend!

    –Ralph C.

    I solicited Peck Ritchey, LLC for assistance with a living trust for which I became the beneficiary. I needed assistance with understanding the details of how it all worked. However, I was especially concerned because there were threats of allegations made by family members and a lawsuit was filed against me. I needed a solid professional who had my best interests in mind. Peter Brady took my case and he managed it flawlessly. He explained everything in a way I could understand, he knew the law inside and out, he was always available to answer questions, and even offer support when things seemed like they could become extremely problematic. In addition to this, he had a plan. He navigated the course as if he already knew the next move by the opposing attorney. He made me feel like everything was in control and that’s because he knew exactly what he was doing and he consulted with me about everything. We ended up settling out of court and ultimately the court officially dismissed the lawsuit. I honestly believe if it wasn’t for Peter and his expertise this could have gone in an entirely different direction. Peter did a stellar job and I couldn’t be more pleased and impressed with his performance.

    –John T.

    Tim Ritchey is as smart, honest, and genuine as they come. He truly puts helping people above making money. If you have a need, don’t hesitate to hire him.

    –Jay T.

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