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Types of trusts

When it comes to estate planning, people in Illinois should know the various options available to provide for their loved ones. One way to pass an inheritance onto selected beneficiaries is to establish a trust. The Internal Revenue Service defines a trust as placing the care or ownership of property into someone's hands on behalf of someone else. In other words, this document establishes who will assume control of a person's assets and disburse them accordingly when the owner passes away. Some trusts take effect while the benefactor is living, while others only go into effect after death.

How can a spendthrift trust protect the finances of my heirs?

Planning for the future is an important financial step for people living in Mokena, Illinois. There are many different mechanisms by which you can set your heirs up for financial success. However, not everyone may be as financially savvy or as responsible as you are. If you have an heir that you worry may squander his or her inheritance by overspending or by racking up excessive debts, you may want to consider a spendthrift trust.

Understanding living trusts

A living trust is sometimes used as an alternative to a will to administer assets in Illinois. According to the American Bar, one of the differences between a will and a trust is that a trust is effective before the grantor's death, because ownership of the assets is transferred to the trust. Some people name themselves as the trustee, while others appoint an alternative or successor trustee.

Trusts can facilitate family business succession

At a very basic level, to create a trust in Illinois, a property owner makes an agreement or declaration for a trustee to administer his or her property. While the necessary elements are simply stated, the creation of a trust document must be carefully crafted to avoid probate when a person dies. According to the Illinois State Bar Association, a person can create a revocable living trust, which means that the trust is administered during the person’s life and after death. In a living trust, a person can also provide for contingencies such as incapacity.

What are the benefits of a life insurance trust?

When you purchase life insurance for your family in Illinois, you may be thinking about covering your funeral costs and any end-of-life expenses such as hospital bills, as well as replacing lost income that you would have provided. In this way, even though you may not have extensive assets now, your heirs will not suffer financially. However, giving them a lump sum after your death may not be the best answer. Instead, NerdWallet notes that you may want to fund a trust with the payout from your life insurance.

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Mokena, IL 60448

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