According to a recent survey from Caring.com, only about 32.9% of U.S. adults currently have estate planning documents such as a will or living trust. A last will and testament and trust are two essential components of any complete estate plan. With a trust, you can specify how your assets should be distributed to beneficiaries upon your death or sudden incapacitation. Also, the trust allows you to bypass the lengthy and expensive probate process and achieve a variety of different goals.
If you need assistance drawing up a trust or other estate planning documents, you should consult with an experienced Illinois estate planning attorney as soon as possible for reliable guidance. Here at Christopher S. Nudo, Attorney at Law, our legal team is committed to offering experienced legal services and knowledgeable guidance to clients facing estate planning issues, including wills, trusts, and trust administration.
We’re here to discuss your unique situation, explain the different estate planning options that are available to you, and help outline a plan that will meet all of your needs. Our firm is proud to serve clients throughout Arlington Heights, Elgin, and the Northwest suburbs of Chicago, Illinois, so call or reach out today to schedule your own case consultation.
A trust can be described as a fiduciary arrangement that stipulates how a person's assets will be distributed to inheritors when they pass away, usually without the probate court's involvement. The trust allows a person (trustor or guarantor) to appoint a third party (trustee) who will help handle and manage their final affairs and distribute assets and property to beneficiaries and heirs upon their death or sudden incapacitation.
Generally, there are two main types of trusts – revocable trusts and irrevocable trusts.
A revocable trust, also known as a living trust, is one that can be modified, revoked, or altered by the trustor while they are still alive. As long as the guarantor is still living, they can hold and manage all assets in the revocable trust. Nonetheless, the guarantor can name a successor trustee to take over the trust affairs when required.