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Can a testamentary trust improve control over your business?

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?

How to Choose a Good Trustee for Your Estate

One of the most important aspects of creating an estate plan is choosing the right trustee. A quality candidate will be able to perform all the necessary tasks, while also proving to be readily available when the time comes for duties to be carried out. If you're in search of a trustee in Illinois, the AARP recommends the following tips to help you select the best candidate to handle your affairs after you're gone.

How can a trust benefit you?

When Illinois residents like you decide that it's time to look into your trust options, Zapolis & Associates, P.C., is here for you. There are many things to learn about trusts, and they can benefit anyone of any age, despite the common idea that they're only necessary for the elderly.

Certifying a trust

Assuming the role of trustee at the request of a family member, friend or associate in Mokena is an awesome responsibility. By doing so, you become inextricably linked to all interested parties to the trust through the duration of time that it remains in effect. Many of those that we here at Zapolis & Associates, P.C. have worked with in the past can attest to the fact that such parties will certainly have plenty of questions for you. The first one is likely to be how you can verify that the settlor did indeed create the trust in the first place. 

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.

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Zapolis & Associates, P.C.
9991 191st Street
Mokena, IL 60448

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