There are many reasons to have a living trust in Illinois. One of the primary reasons is the entity can help your loved ones avoid the costly process of probate upon your death.
Not everyone may want a living trust, but here are a few reasons to consider creating one.
Understanding a trust
The Illinois Bar Association understands that despite your best efforts you may still fail to meet all your estate planning objectives. Essentially a trust document names beneficiaries for your property and provides distributions to beneficiaries. You can choose a person or a company to act as the trustor or grantor of the trust.
A living trust works during your lifetime and upon your passing yet can still change as necessary. The document allows you to remain in control of your assets or the creation of a co-trustee. You can list beneficiaries to receive distributions during your lifetime or keep yourself the sole beneficiary until your death.
Living trust advantages
You may not want your personal information made public such as during probate of a last will and testament. You can achieve privacy by creating a living trust. Create a comprehensive plan for disability or incapacitation with more complete instructions than other methods. Loved ones also do not have to go through probate to receive their assets upon your passing.
Unlike a will, amending or changing a living trust is simpler. You can adjust the beneficiaries, include additional assets and more with less work than amending a will.