Kane County Living Trusts Lawyers

Estate Planning Measures in Illinois

Estate planning is an important step in securing your family’s financial future. You have many legal options to provide for your family after you have passed away. One such option is creating a living trust. With a living trust, you can set aside assets for your family. Unlike more traditional trusts, a living trust provides a great deal of flexibility. However, like all estate planning measures, creating this type of trust can be complicated. Read below about some of the advantages of a living trust.

What Is a Living Trust?

Creating a trust establishes a legal relationship between you, as the grantor, your beneficiaries, and the trustee. A living trust is one formed during your life, as opposed to one created through your will after death. These trusts also involve beneficiaries and a trustee. After the living trust is formed, the trustee will manage the trust assets until they pass to your beneficiaries. In fact, you can serve as the trustee during your lifetime and manage the trust assets. When you form the trust, you will determine who your beneficiaries are, and which assets they each receive. You will also designate a trustee who will take over the trust after your death, if necessary.

Benefits of a Living Trust

There are many advantages to creating a living trust. A major advantage is avoiding probate. Many Illinois wills go through the complex probate process, during which the court will administer the estate property to creditors and heirs. Probate can be lengthy, and may involve additional costs. Under Illinois law, a living trust does not go through probate. You can provide for your family after death, and clarify your wishes in a living trust without the burden of probate.

A living trust can also provide estate tax advantages. When you pass away, property titled in your name will be counted among your estate. By creating the living trust, you put assets in the trust name. At your death those trust assets are not counted in your estate for tax purposes. Federal law sets an estate tax exemption, which means that if your estate is valued over a certain amount your family will pay estate tax on it. Most estates do not exceed the estate tax exemption. However, if you think yours will exceed this amount, a living trust can help gain this tax advantage.

You may want to create a living trust in addition to other estate planning tools, or you may want to rely solely on the trust. This is an important decision, and your lawyer can guide you through this process.

Contact an Experienced Illinois Trusts Attorney

Now is the time to plan for your loved ones’ financial future. If you are considering your estate planning options, contact White & Ekker, P.C. today. Our skilled Sugar Grove trusts attorneys have over 45 years combined legal experience. Contact our office now and explore your legal options.

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