Arrange A No Pressure
Free Consultation 708.390.8936
Experienced. Trusted. Responsive.

What Are Some Different Types of Trusts?

If you're currently involved in the estate planning process in Illinois, you've most likely considered establishing a trust. While this estate planning tool can be highly useful, it helps to understand the different types of trusts to ensure you make the right decision. CNN.com offers the following guidance on the difference types of trusts available and why they might be right for you. 

Revocable Trusts

Much like the name implies, revocable trusts allow you to withdraw your assets at any point before your death. That means you can cancel the trust altogether, or even remove and add items as you see fit. This provides greater control, especially if you'd like to change the terms and conditions of your trust as your financial situation changes.

Irrevocable Trusts

With irrevocable trusts, changes can't be made unless the beneficiary (the person who will receive the assets within a trust upon your death) agrees with the decision. Accordingly, you relinquish control of your assets once they are placed in this type of trust (althought it does exempt you from being subject to estate taxes). 

You can also opt to withhold your assets until two generations have past. This is known as a dynasty or generation-skipping trust, and it's typically used when a person has a great number of assets and is looking to mitigate associated taxes.

Qualified Terminable Interest Property Trusts

In mixed families where lots of divorces and remarriages have occurred, dispersing assets can be a challenge. A qualified terminable interest property trusts allows current spouses to receive assets until their death, as which point the remainder will be distributed to family members you name specifically. This is particularly beneficial to aware children from first marriages assets.

No Comments

Leave a comment
Comment Information
Get Help Now

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Zapolis & Associates, P.C.
9991 191st Street
Mokena, IL 60448

Phone: 708-390-8936
Phone: 708-478-5050
Fax: 708-478-5052
Mokena Law Office Map

Review Us