Most parents in Illinois know how vital it is to appoint guardians for their children should they die. It is something you do early in parenthood, almost as a matter of course. But do not stop there, parents. Planning your estate is also important, and for the same reasons. It takes care of your children--and your property--after you are gone. Even if you do not have a big house, huge savings account or hefty investments, an estate plan is a valuable legacy in and of itself.
If you have prepared a trust in Illinois, then you have also had to appoint a trustee. You may also have been asked to be a trustee for someone else. It is a big responsibility. It may help you to make a better choice if you are choosing a trustee or handle your duties better if you are a trustee if you understand and can explain what the role of a trustee is.
As part of your estate planning efforts in Illinois, you may decide to create a trust. There are two types of trusts that you can consider, which are irrevocable and revocable. They operate differently. You have different levels of control with each also. The name of them kind of gives you some insight into how they work, but U.S. News and World Reports explains a revocable trust can be rewritten or ended by you where as an irrevocable trust cannot.
You have spent your whole working career building the family business. What will happen it after you pass away?
While they are a common component of a solid estate plan, many people are not fully aware of what revocable living trusts actually do. Unlike wills, trusts go into effect immediately after they're signed, which means they're active while the signee is still alive, and with revocable trusts you are free to make changes as you see fit. If this seems like it would be a good estate planning option for you, Forbes offers the following information to help you decide.
Let us say that your Aunt Lucy, who resided in another state, passed away recently, but not before making a big change to her will.