When it comes to wills, trusts and other aspects of estate planning, the terms used can become confusing and make it difficult to understand what you need. While each document is similar in its purpose to manage your estate for you when you are unable to do so, the rules and functions of each one varies. One of the arrangements that is not as well-known is a living trust. While this is similar to a regular trust, there are certain differences that need to be noted.
What is a living trust?
What to do before preparing a will
While end-of-life decisions are not always pleasant, they do need to be made, especially if there are dependents involved. U.S. News reports that around half of all American parents do not prepare a will, leaving their estate to be placed in intestate and subject to the individual state’s laws for distribution. While the reasons for why this happens may be unclear, there are obvious enticements for creating a will, especially for those left behind. If these guidelines are followed before meeting with an estate planning attorney in Illinois, the process can be faster, smoother and less stressful.
Resolve to plan ahead in 2017
With 2017 in full swing, you very well may have made, or are thinking of making, some resolutions for the year ahead. For most people, these resolutions are a little easier to keep if they are fairly simple and provide a great benefit.
