Illinois families who are trying to settle their assets for after they die may want to learn more about a trust. Investopedia defines a living trust as the same thing as a revocable trust, but an irrevocable trust is also an option. Before you make choices with a lifetime of assets and wealth, it is important that you understand the difference.
If someone in your family has special needs, your entire family may be concerned about their well-being and worried about their future. We understand how worrisome these issues can be, but there are a number of ways that people can help ensure that loved ones with special needs are taken care of in the years ahead. For example, special needs trusts can be very beneficial in this regard, allowing your loved one with special needs to retain eligibility for government assistance while also receiving assets from your trust. However, it may be necessary to go over this option with your family members.
Finishing the paperwork that establishes your trust in Illinois can be a satisfying feeling. You likely feel that you have ensured your children or any heirs you have designated will receive their inheritance. However, the fact is you have to maintain your trust to make sure it functions as you intend. Simply leaving your trust alone is a mistake. In fact, your trust may not even pay out to its beneficiaries if you neglect it.
At Zapolis & Associates, PC, we help many Illinois people with their estate planning needs. Usually, depending on what they wish to accomplish, they begin with a last will and testament, followed by one or more revocable or irrevocable trusts. But for some of our clients, creating separate trusts is not absolutely vital. Instead, they can set up one or more testamentary trusts as part of their will.
As you plan your Illinois estate, you may review your estate planning options and wonder which is best for you and your assets. You have several options, some of which are better than others. One such option is the irrevocable trust. The Motley Fool explores the pros and cons of irrevocable trusts and explains when such an estate planning tool may be right for you.
While trusts are a valuable tool for estate planners in Illinois, they are often misunderstood. Proper knowledge is crucial in this case, as mistakes while creating a trust can lead to issues down the line, which your family will bear the brunt of. The Balance offers the following advice to ensure your estate plan is valid.
As resident in Illinois, you may be considering setting up a trust, but you're also likely wondering what your options are. Today, we'll take a look at a few types of trusts so you can better determine which would be best for you.
People who want to set up an estate plan for the benefit of those they love have many options. Some may decide to create a will, others may opt for a trust. When it comes to trusts, it is important to keep in mind that many options may be on the table, some of which have been covered in our other blog posts. For some people, such as those who have a loved one that is disabled, a special needs trust is the most sensible course of action. In this post, we will take a closer look into some of the reasons why these trusts are so beneficial for some families in Mokena and around Illinois.
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.
Trusts are an essential estate planning tool. One important element of a trust is selecting the trustee, who is the person responsible for managing your affairs after you're gone. As a result, it's crucial that you select a person who can capably fulfill this role. AARP explains what to look for when seeking a trustee in Illinois.