Many individuals in Illinois and elsewhere may wish to have a plan in place for certain changes in life, but they may be uncertain how best to approach the situation. With numerous available options, planning one's estate could seem somewhat overwhelming, especially at first glance. However, a person might be able to overcome any hesitation by gaining an understanding of the tools available in estate planning, such as the benefits of the various types of trusts.
One potential benefit of setting up a trust is that it can allow an individual to choose how and when the assets within the trust will be passed on to beneficiaries. This could prove helpful in a variety of circumstances, such as holding assets back until a beneficiary reaches an appropriate age to be financially responsible. When setting up a trust, one can also add specific instructions concerning how it will be used to provide for his or her loved ones in the mean time.
A trust could also provide protection against creditors while still allowing a person's loved ones access to the benefits thereof. In addition, a trust could help beneficiaries avoid probate, provided the assets within don't exceed the limit for exemption. One can also place complex assets such as investment or retirement funds into a trust to help ensure they are passed on according to his or her wishes.
With numerous options to choose from, one could begin to feel somewhat intimidated by the process. When facing a similar situation, a person could speak with an experienced attorney for guidance on every aspect of estate planning, including trusts. An attorney in Illinois can address a client's concerns and provide advice on making informed decisions regarding the future of his or her estate.
Source: CNBC, "How to start thinking about an estate plan", Sharon Epperson and Jessica Dickler, Nov. 21, 2017