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.
At Zapolis & Associates, PC, in Illinois, we know that many people neglect to make a will or engage in any other estate planning throughout their entire lives. Other people, however, take a much more thoughtful and reasoned approach to their ever-growing estates so as to ensure that they not only attain their financial goals, but also that their assets ultimately go to the people they want them to. If you are one of these latter people, you may wish to establish a living trust to protect your assets.
If you have determined that bringing your marriage to an end is necessary, you might have a number of concerns and you could wonder how this decision will affect your future. For example, you might be concerned about the outcome of a custody dispute or property division. With that said, there are other financial concerns that you may need to take into consideration. If you have a trust, you may need to take a second look at your estate plan and make necessary changes. Each case is unique, however, so it is crucial to make sure you figure out which steps you need to take.
If you, like many people across Illinois, are working to get your ducks in a row with regard to estate planning, you may be trying to figure out the best way to preserve your wealth and assets for future generations. While there is a wide variety of steps you can take to accomplish your various needs, one solid estate planning strategy you may want to consider is to establish what is known as an irrevocable living trust.
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.
Nonprofits and charitable organizations in Illinois often rely upon donations to ensure their survival. While you are estate planning, you can create a charitable trust to assist the group that you currently support or would like to donate to in the future. In addition to satisfying your need for philanthropy, creating a charitable trust can also provide you with plenty of financial benefits.
When planning for the future, you know nothing is set in stone. While you may wish to establish a trust that ensures your business will be appropriately handled by your family upon your retirement or passing, changing conditions may mean what you wish for your Illinois business and assets today may not reflect your desires five, ten or twenty years in the future. So how can you make use of a testamentary trust to give you more control over your business?