McHenry, Illinois
Why Trusts in Illinois Are Essential for Protecting Your Assets
We understand – planning for the future is hard.
But if you don’t make a plan for your finances, belongings, and family while you are alive, decisions regarding who receives which of your belongings will be left up to an Illinois judge.
Contrary to popular belief, the solution isn’t simply writing a will. In fact, wills are processed through probate court, which can be expensive and time-consuming. Your estate will be public for any of your heirs and family to see, and even make claims to.
At Diamond Estate Planning, our experienced Illinois attorneys can help you avoid the hassle and protect your family and estate with a trust.
Understanding Trust in Illinois
A trust is an agreement for someone to hold property for someone else’s benefit under the terms of the person creating the trust (called the trustor).
This property and assets can include:
- Money
- Cars
- Furniture
- Real estate
- Stocks
- Retirement accounts
- Ownership interests in businesses
Think of a trust like a suitcase. The trust agreement designates a person (called a trustee) to carry the suitcase, who then becomes in control of the things in the suitcase. The trustee is in control of the property in the suitcase but has to follow the instructions of the trust agreement regarding what to do with the things in the suitcase.
Most importantly, keeping your property in a trust allows your family to skip the expensive, public probate case, and the person you choose will handle your “suitcase” per your instructions. This is especially important in Illinois, which has strict probate laws and a lengthy probate process
Trusts also help your family avoid
legal hassles like:
- Going to probate court to settle your estate
- Paying unnecessary estate taxes
- The wrong people ending up with your hard-earned nest egg
- Your kids getting a huge check at age 18 without any supervision or instructions on how to use it (and blowing their inheritance in Vegas or on a Ferrari)
- Your kids giving their spouse all of your hard-earned money
- Your kids not paying the taxes on their inheritance and ending up with IRS debt
- Your kids or loved ones losing public benefits because they’ve inherited property
- Disputes and family fights over who gets what property
Take Control with a Trust
A trust grants you ultimate control over your estate and what happens to everything within it after you pass.
You can appoint anyone you have confidence in as your trustee.
You can even appoint yourself as trustee while you’re alive, then designate another trustee for after you pass.
The trustee disseminates your estate to your beneficiaries, or the people who receive the properties in your trust. You can also make yourself your own beneficiary until you pass, then designate your children as your beneficiaries after you pass.
You name your trustee and your beneficiaries. You decide who can control your property, and at what time. With a trust, you hold the reins – not the Illinois courts.
A Well-Designed Illinois Trust Protects You, Your Family, and Your Estate
With care and consideration, your trust is the perfect way to make sure your children are well-cared for – and on your terms –
should anything happen to you.
The last thing your family needs during the grieving process is a complicated, confusing, and expensive court mess. That’s what happens when you don’t have an estate plan protecting your hard work over the years.
But a trust can protect your kids, your assets, and even yourself, should you become incapacitated. With a proper trust in place, you won’t have to worry about the state of Illinois dictating how your property is managed or distributed after your passing. Instead, you can rest easy knowing that your wishes will be carried out by someone you trust.
Seek Professional Help for Your Trust
Creating a trust is an important step in protecting your assets and ensuring the well-being of your loved ones after you pass. However, it is not something to be taken lightly or done without proper legal guidance. It is crucial to seek the help of an experienced estate planning attorney who can guide you through the process and ensure that your trust is tailored to your specific needs and goals.
Additionally, it is important to periodically review and update your trust as circumstances in your life change. A trusted attorney can assist you in making any necessary updates and revisions to your trust.
At Diamond Legal, we have years of experience in creating tailored trusts for our clients in Illinois. Our team of knowledgeable attorneys can help you understand the different estate planning tools available and guide you in choosing the best options to protect your assets and your family’s future.
Contact us today to schedule a consultation and take control of your estate with a well-crafted trust.