If you want to do all you can to protect your estate, then it may be smart to set up a trust. A trust should be considered to be an essential part of your estate plan because of the potential benefits. However, most estate plans don't actually establish a trust, even though they're fairly easy to set up.
If you have a child with a disability that you'd like to take care of if you pass away, then you may want to set up a special needs trust. A special needs trust is created to hold assets that are to be managed for another person's benefit. For example, you could set aside $100,000 for your disabled adult child and have a trustee manage those funds for them.
Trusts are good addition to most estate plans. Not only can they help you avoid probate, they also allow you to disperse assets according to certain rules and conditions. However, some assets shouldn't be placed in a trust, according to The Balance. Using a trust effectively offers the greatest benefit to your heirs, as well as your estate.
If you are fortunate enough to leave an inheritance of any size to your children in Illinois, you may decide to ensure they do not squander it. If it contains significant assets, proper preparation requires more than a will. The estate planning process offers tools that ensure that you can continue providing for your beneficiaries after you pass away. At Zapolis & Associates, we often help clients create trusts that help them pass wealth to their heirs in the most beneficial way possible.
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.
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.