How Can I Pass Down My Assets to My Family?

 Posted on April 17, 2025 in Estate Planning / Probate

During the process of estate planning, your concerns may center around making sure your property is distributed exactly how you want it. There are a variety of ways to pass down your wealth and assets, but each method comes with its own unique benefits and drawbacks. A knowledgeable Illinois estate planning lawyer can advise you of your options and help you pursue the best course of action to suit your needs and interests.

At DLAW, PC, we have more than 25 years of experience helping clients with their legal issues. Attorney Deanna Aguinaga Walker works with every client personally, providing individualized counsel and representation to resolve any legal issues.

How Do Wills Work?

Writing a will is one of the most straightforward ways of passing down your assets to your beneficiaries, whether you have a simple or complex estate. In your will, you can decide who will receive your property upon your death. Property distributed in your will may include assets like your home, vehicles, bank accounts, and other belongings.

Keep in mind that a will must still go through the probate process. This means that your beneficiaries will have to appear in court while your assets are distributed. Furthermore, your will is not exempt from debts on your estate, which could impact the assets that your beneficiaries receive. At DLAW, PC, we can review your will and inform you of any potential liabilities ahead of time.

When Are Irrevocable Trusts a Good Idea?

Setting up an irrevocable trust is another way to pass down your assets to your loved ones after your passing. In an irrevocable trust, you can include instructions for how your wealth should be distributed. For instance, you can specify that you want the funds to be given out in increments rather than a lump sum. In another example, you might only permit access to the trust once the beneficiary has reached a certain age.

As an added benefit, irrevocable trusts offer a higher degree of protection from claims on your estate. However, as the name implies, irrevocable trusts are very difficult to modify once they go into effect. As such, you should make sure that you are comfortable with not having direct access to the funds in the trust.

Should I Consider Establishing a Revocable Trust?

A revocable trust is an alternative to an irrevocable trust if you are not comfortable with losing access to your assets. In a revocable living trust, you can freely alter the terms of the distribution. You might choose to modify who gets your assets, or how much you want to include in the trust.  

The one notable drawback of a revocable trust is that it has less of a guarantee of protection than an irrevocable trust. Choosing between a revocable or irrevocable trust comes down to whether you want the added protection or greater control of your assets while you are alive. At DLAW, PC, we will sit down with you and discuss all the details at length so that we can better understand your priorities and work together to choose the best option for you.

Contact a Geneva, IL Probate Attorney

Trying to sort out your estate before your passing can feel like a tall order. At DLAW, PC, our Kane County, IL estate planning lawyer can explore your options to pass down your assets in the most efficient way possible. Call us at 331-222-7978 to schedule a free consultation.