Who Needs a Living Trust in Illinois?

 Posted on November 10, 2023 in Estate Planning

Many people find trusts beneficial. Whether or not you choose to create a living trust is a personal choice. Though a lawyer is not necessary, hiring one experienced in estate planning can bring you much-needed peace of mind.

What is a Trust?

A trust can allow a grantor to entrust their assets to another while alive and maintain some control over them. It also allows the grantor to determine who receives their property after they die. While alive, a trust will manage your assets. Once you die, the trustee will distribute the assets to those that align with your wishes.

Benefits of a Living Trust

Living Trusts, which are created while you are alive, are designed to avoid probate, manage your assets in the case of incapacitation or death, and safeguard your financial property. A living trust can draw out a complete plan for how to deal with current and future assets. They can help you get assets to the right people and help protect them from others. Because of this, a trust can provide a special kind of peace of mind for how your assets will be handled.

What is the Difference Between a Will and a Trust?

Trusts are more complicated than wills but provide more benefits. A will only go into effect after your death and has limited control over how your assets are distributed. A trust can be made while alive, offering great control over your assets and their distribution. Trusts can avoid probate, whereas a will cannot.

Neither document is inherently better than the other, and it would benefit you to understand which is better for your situation. However, since they do different things, it is also a great idea to have both a will and a trust in place. Revocable trusts contain a pour-over will, which is meant to work with your trust. It ensures that anything you own outside of the trust and anything subject to your last will is paid to your trust when you die.

Contact a DuPage County, IL Estate Planning Attorney

You can set up a free consultation with Anderson Attorneys, P.C. at 847-850-8899 and learn how this firm can help you and your family address any of your estate planning concerns. It pays to have an experienced Schaumburg, IL estate planning lawyer to help navigate the complexities that come along with wills and trusts. Contact the office today to receive our legal services.