Farrell Hamilton & Julian, P.C.
618-208-0263
Farrell Hamilton & Julian, P.C.

Call For A Free Consultation 618-208-0263

Experienced Representation In Business Law, Estate Planning And Tax Law

Do You Have A Valid Will Or Trust?

For over 60 years, Godfrey businesses have come to rely on the attorneys at Farrell, Hamilton & Julian, P.C., for assistance with important commercial and civil litigation matters. Their many years of trial experience have earned them a reputation throughout the local legal community for providing capable and effective courtroom representation. Their trial lawyers are well-equipped to handle civil and commercial litigation at both the state and federal levels.

Representing Clients In Business Law And Civil Law Matters

The experienced business law attorneys at Farrell, Hamilton & Julian, P.C., help clients with the following business matters:

At Farrell, Hamilton & Julian, P.C., trial experience is the hallmark of their practice. Through careful preparation, attention to detail and the use of cutting-edge technology, they design litigation strategies and identify tactics that can help resolve their clients’ legal issues efficiently.

What Are The Different Types Of Wills?

When planning for the future, it is important to understand the different types of wills available to carry out your wishes. Each type of will serves a unique purpose and caters to different needs. Common kinds include:

  • Standard will: Also known as a last will and testament. The most common type of will, it allows an individual to specify how to distribute their assets after their death. It can also name guardians for minor children and an executor to manage the estate.
  • Living will: Also known as an advance directive, this expresses a person’s wishes regarding medical treatment in situations where they may be unable to communicate their decisions.
  • Mirror will: When two people, usually spouses or partners, create wills with nearly identical terms. Each person leaves their estate to the other in the event of their death.
  • Mutual will: Mutual wills are agreements between two or more parties to make wills that cannot be changed without the consent of the other parties. This type of will is often used by couples to ensure that their agreed-upon distribution plan is honored, even if one party passes away.

Each of these wills serves a distinct purpose for different aspects of estate planning. Choose the type that best suits your personal and family circumstances. Consulting with a legal professional from the firm’s team can give you additional guidance on which type of will is best for you.

What Kinds Of Trusts Are Available?

Trusts are financial arrangements that allow a third party, known as a trustee, to hold and manage assets on behalf of beneficiaries. They provide asset protection, efficient tax planning and control over asset distribution. Trusts often work alongside wills to address immediate and long-term needs. Various types of trusts and their uses are:

  • Simple trusts: Distributes all of their income to beneficiaries annually and do not allow for the distribution of the principal. Often used when the grantor wants the beneficiaries to receive income generated by the trust assets.
  • Complex trust: Can retain some of its income, distribute principal and make charitable contributions.
  • Revocable trust: Also known as a living trust, the grantor can alter or revoke this kind of trust while alive. It provides flexibility and can help avoid probate.
  • Irrevocable trust: Not subject to change once established, offering benefits such as protection from creditors and potential tax advantages.
  • Grantor trust: The grantor retains certain powers or interests, leading to the income of the trust being taxable to the grantor.
  • Testamentary trust: Created through a will, a testamentary trust comes into effect after the grantor’s death. It can help minor children and other beneficiaries who may need help to manage the assets.

Trusts are beneficial for managing and protecting assets, minimizing estate taxes and ensuring that your inheritors manage your estate according to your wishes. The will can address immediate distribution needs, and the trust can address ongoing management and protection of assets.

Farrell, Hamilton & Julian, P.C., Will Explore Options For Settlement And Are Prepared For Trial

The firm is prepared to take your case to trial but is also willing to settle – this is the client’s choice. They prepare your case as if they are going to trial, even if a settlement seems imminent. Their extensive background includes not only trial and appellate court experience but also experience in arbitrations and settlement discussions.

To obtain more information or schedule an appointment with an experienced trial lawyer regarding a commercial litigation or civil litigation matter, please contact the firm online or by calling 618-208-0263.