Create a Trust: Protect Your Assets

Avoid probate, minimize taxes, and safeguard your legacy.

Trusts Lawyer

Palley Law helps clients throughout the Chicago area craft the right kinds of trusts to reach their unique goals. Palley Law focuses on helping individuals and families plan for life events with confidence. Whether you’re drafting a will, creating a revocable trust, family trust or irrevocable trust you’ll receive clear legal counsel every step of the way. Palley Law’s goal is to make trust planning understandable, personal, and tailored to your needs.

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Trusts: More Than Just Avoiding Probate

Trusts aren’t just about avoiding probate. They can achieve a wide range of goals, and are practical tools for families who want to, among other things:

Avoid the time and expense of probate
Provide for minor children or dependents
Plan for incapacity with a successor trustee
Set conditions on inheritances
Maintain privacy for their estate
Reduce the chance of family disputes
Shield assets from estate tax

For a deeper understanding of when a trust might be appropriate for your estate plan, read Palley Law’s recently published article: Trusts Demystified: A Bold Step Toward Better Planning.

Wills vs. Trusts

Like a trust, a will transfers assets to beneficiaries. With the exception of very small estates, all wills go through probate (even if there are no will contests). Wills can be thought of as instructions to the probate court about how you want your assets distributed. Probate is an expensive (think lawyer fees and court costs) and lengthy process (a minimum of six months in Illinois but typically about a year to a year and a half).

Unlike a will, a trust does not go through probate: the trust directs the distribution of any assets that you put into the trust. Probably the most common type of trust is a living revocable trust (living trust). Think of a living trust as a box into which you put assets during your lifetime. While you are alive you are the trustee and have complete control of what assets you put into and take out of the box. After you pass, the successor trustee you named distributes assets in the box according to instructions you write in the trust document. You can direct distributions outright to individuals, for example to your spouse, or if you have surviving minor children to successor trust funds for the benefit of the children until they come of age. Because living trusts are revocable, you are free to change their terms at any time if life events necessitate a change.

Why Palley Law

Transparent, Structured Planning

Estate planning should feel clear and predictable, not uncertain.

While every estate is different, most comprehensive revocable trust-based plans fall within a defined investment range, depending on complexity and scope. During your consultation, we will discuss your goals, review your assets, and you will be provided with a clear fee proposal before any engagement begins.

Palley Law focuses on thoughtful legal design, long-term clarity, and strategies tailored to established families and professionals.

Expert, Local Help

Unlike many law firms that handle trusts as an aside, Palley Law focuses its practice entirely on trusts, estate planning and probate. Locally headquartered, the firm is intimately familiar with Illinois trust law, asset protection strategies, and best practices. You will receive expert, knowledgeable counsel.

“I enjoyed working with Paul … his attention to detail, preparation, and professionalism …”

BJ

Chicago, Illinois

Delivering Services the Way You Want: In-Person or Virtually

Visit Palley Law on the fifty-first floor of the Aon Center in Chicago and treat yourself to a no-charge planning session along with breathtaking views of Grant Park and Lake Michigan. If you prefer to meet virtually the office offers both video and teleconferencing meetings, with online scheduling.

A Law Firm That Listens

The attorney at Palley Law listens intently to what you say. You get asked the right questions to fully develop your goals and inventory your assets. Palley Law actively listens to your answers, then provides you with the available legal options along with an analysis of the pros and cons of each.

A Responsive Law Firm

Above all else, Palley Law prides itself on its responsiveness to clients. Your calls will be answered, your messages returned promptly, and your emails answered quickly. No client wants to be left in the dark or wait days for a response to a question they have. Palley Law makes sure you are kept fully and promptly informed throughout your engagement.

Tailored Legal Support

Every family has its own priorities—whether it’s caring for a loved one, preserving a family home, or supporting a charitable cause. Palley Law helps you create a trust that reflects your values and supports your legacy.

Ready to Discuss a Trust?

The best time to plan is before there’s a crisis. Let’s talk about your options now, so you can move forward with confidence.

Palley Law gives one-on-one planning sessions with an attorney at no charge.

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Trusts FAQs

A trust is a legal arrangement that lets you transfer assets to a trustee to manage on behalf of your beneficiaries. It can take effect during your lifetime or after your death.

A will only goes into effect after death and must go through probate. A trust can manage assets during your lifetime and often avoids probate altogether.

Not necessarily — but if you want privacy, to avoid probate, or to provide structured support for a loved one, a trust might be beneficial regardless of estate size.

It’s a flexible trust you can change or cancel during your lifetime. After your death, it becomes irrevocable and distributes assets according to your terms.

For a quick summary of living trusts and their pros and cons, read my recent blogpost What Is a Living Trust, and Should You Have One

You can serve as your own trustee while alive. Afterward, you can appoint a family member, friend, or professional fiduciary to carry out your wishes.

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Considering a Will or Need Help with Probate?

Explore related services to complement your estate planning needs:

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