Trusts 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:
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.
Trusts also help your family avoid legal hassles like:
- Going to court to settle your estate
- Paying unnecessary 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
Take Control With a Trust
A trust grants you ultimate control over your estate and what happens to everything within it after you pass.
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. Establish a trust today so that your loved ones can focus on celebrating your memory and legacy after you’re gone.
Diamond Estate Planning in McHenry has been helping Illinois families plan their legacies for decades, and we’re ready to get to work for yours next.