North Shore Estate Planning Legal Blog
A trust is a component of a comprehensive estate plan that dictates how you want your assets distributed when you die. Your named beneficiaries will receive what you wish them to get in a trust. Unlike a will, a trust cannot be challenged or overturned in an Illinois probate court. A trust is either revocable or irrevocable.
One of the biggest problems in estate planning and probate involves outdated wills. Unfortunately, it's not uncommon for Illinois residents to either forget to update their wills, or to assume that they don't need to make formal changes to the documents.
Here are three circumstances in which you should update your will:
Regardless of your age, writing a will helps ensure that your wishes are respected after you die. Understanding the nature of wills can help you develop an estate plan to provide for your heirs.
As technology advances, Illinois has kept pace with the times by adopting laws that allow for electronic wills and remote witnesses. This technology is crucial for modern estate planning and administration, enabling individuals to create and execute their wills from their homes without needing in-person witnesses.
When it comes to estate planning, one of the most important decisions you will make is who will be in charge of carrying out your wishes. Two of the most common choices are a trustee and/or an executor. Both have their own set of responsibilities, so it's important to understand the difference between the two before making a decision.
Illinois residents who are at the beginning of their estate planning journey might think there's only one type of last will. However, there are many different types of wills that can be used as extra protection for your estate plan.
Illinois residents with significant investments often look for ways to shelter their profits. For many years, a Clifford Trust was a means to reduce federal taxes on income from high-net-worth assets. However, changes in the tax law reduced the popularity of this type of trust.
Many Ilinois residents combine various financial instruments when devising their estate plan, including trusts. One of the lesser-known trusts is a qualified terminable interest property (QTIP) trust. Is this type of trust right for your situation?