15 Good Reasons to Set Up a Living Trust
It’s a Private document - never filed with any government agency (unlike a will)
It avoids probate (a time consuming, expensive court process) for your loved ones
Someone you trust can handle your finances for you if you become disabled
Someone you trust distributes your assets after you pass away, without probate court
Your children can receive their inheritance incrementally rather than all at once
Someone you trust holds the “purse strings” and uses trust funds for the benefit of your children, should you and your spouse pass away
Allows you complete control of your assets during your lifetime
Avoids death/estate taxes for your loved ones
Highly useful if you own real estate in more than one State
Highly useful if you have a special needs/disabled child
Reduces the risk of lawsuits & disputes after you pass away
Reduces the risk of estate creditor claims after you pass away
Preserves your assets
Saves your family time and money
Speeds up distribution of inheritance monies
An Illinois Living Trust allows your family to receive their inheritance through trust administration rather than a Court process called probate. While you are alive you can manage your assets as you do now, with total control. Should you become disabled, it can allow someone you trust to step in and manage your finances on your behalf. When you pass away, someone you trust can be in charge of preserving trust assets so that your minor children do not receive and spend their inheritance all at once. It avoids death and estate taxes, speeds up the process of distributing inheritance to loved ones after you pass away, and saves your family time and money.
These are generalities about living trusts in Illinois and individual cases may vary. A living trust must have all the grantor’s assets re-registered in the name of the living trust to afford the benefits discussed above and to effectively avoid probate and estate taxes.
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