The variables to consider when creating an estate plan

On Behalf of | Sep 3, 2020 | Trusts

Ideally, any adult living in Illinois will have an estate plan in place. The exact structure of your plan will depend on your age, if you have minor children and the type of assets that you have. It may also depend on whether you or your children have special needs to account for.

Estate planning can make distributing assets easier

The use of a revocable trust may allow your estate to avoid probate after you pass. Furthermore, the trust can manage assets on behalf of a minor child until he or she is old enough to do so on his or her own. Finally, a trust may be ideal for those who value their privacy. While the contents of a trust are kept private, the details of a probate case are generally made public.

Don’t forget to think about your long-term care needs

As you age, you may be more likely to need medical care. By creating an irrevocable trust, it may be possible to preserve assets while also retaining eligibility for government assistance programs. Irrevocable trusts may also be worthwhile tools for gifting assets to family members or making donations to charity. You may also be interested in purchasing long-term care insurance or similar types of policies to ensure that you can obtain the care that you need during retirement.

Creating an estate plan may make it possible to ensure that your needs are met during your lifetime and after you die. Ideally, you will review your plan on a regular basis to ensure that it still does what you need it to do. An estate planning attorney may be able to help you look over your will, trust or other plan documents.