When creating your estate plan in Illinois, you have a right to create a trust to protect your assets. The legal formation of a trust gives you a way to shelter your assets, keeping them from taxes, creditors and even fraud. Though every trust has a trustee to manage the assets under representation, the future of your estate is managed based on your directives. Revocable trusts give you the option of changing, updating or revoking the entire trust you initiate.
Some filing fees but with wishes granted
Estate planning, in an effort to maximize your financial potential, should include a strategy to account for taxes and fees. Your revocable trust might call for complex directives, and this often requires higher fees or later taxes when executing your trust. Unlike a will or probate hearing, however, the assets you put into a revocable trust are private. Your wishes in a trust, as long as they’re legal, will be granted. Your wishes left in a will are open to debate once you die and have an estate administered.
Manually updated but flexible enough
Estate planning should be an ongoing practice when you own a revocable trust. Life changes you undergo, like marriage or divorce, don’t automatically adjust your trust. You have to manually enter in new beneficiaries, different assets or new directives. Just keep in mind that revocable trusts, being revocable, offer enough flexibility to make adjustments with.
Estate planning in Illinois
Control of your assets after death can be effectively done with a trust. Such arrangements ensure that a beneficiary is assigned to receive your trust’s assets. The power you have over your things when you’re incapacitated is another conflict. Revocable trusts, when they are living trusts, can manage your assets even while you’re alive though sick or temporarily incapacitated.