Adding a trust to your Illinois will can help you control your estate and pass it on to the beneficiaries of your choice. For individuals with significant assets, this financial tool can help protect their wealth for generations. At Zapolis & Associates, we often assist clients in the preparation of trusts, wills and other estate planning tools.
According to Fidelity Investments, there are many types of trusts. Depending on your goals, there may be one or more that meet your needs best. One of the most powerful benefits of these asset protection vehicles is the ability to avoid probate. This process can be costly and delay your heirs’ access to your wealth. In addition, probate is public, which can result in unwanted transparency of the proceedings.
Unlike a will, trusts allow you to establish the circumstances in which assets pass to your beneficiaries. You can specify situations in which the trust releases funds, such as paying for college tuition, a wedding or health care expenses. You can also include age-based stipulations, such as a percentage of disbursement at particular birthdays. If you want some of your wealth left to a non-profit foundation, you can establish guidelines that transfer a trust’s remainder amount to a specified charity when it terminates.
Trusts enable you to build your legacy for future generations. An experienced professional can help you determine which type of asset protection can help you best achieve your goals. Trusts drafted and funded correctly can enable you and your heirs to experience the full benefits of your estate. Visit our webpage for more information on this topic.