Estate planning should provide a comprehensive strategy for your family to follow after death. With so many tools available to utilize, you may want to diversify your estate to consider various elements. In exploring options, you may want to explore a trust.
A trust may solve some of your concerns when coming up with a way to provide options for your family. Find out more about what this fiduciary estate tool can do for your family in the wake of your passing.
What is a trust?
Items you own, whether tangible or not, need a place to go. A trust is a receptacle that holds financial assets and property deeds. During your life, you may create a trust and move items from your financial inventory into it, thereby reducing your tax liability. The main function of a trust is to take assets from you and place them somewhere for the benefit of a trustee. You then create scenarios under which the trust becomes available to the trustee.
How does a trust benefit your estate?
Probate in Illinois is the court process that ensures your estate pays debts and that the executor of your will follows your wishes. While it is a necessary process, it also takes time. During this, your family may not have access to the money held up in probate. A trust allows immediate access to whatever you have placed in it. This ensures that your family will have the funds needed to continue through probate.
Speak to a legal representative about ensuring your family has what they need after your death. You may find other ways to provide for them for decades.