DIY may not be the wisest choice for living trusts in Illinois

| Jun 25, 2019 | trusts

There are some things that can be taken on as do-it-yourself projects. Writing revocable living trusts isn’t one of them. Illinois residents who understand the benefits and importance of trusts might do well to get legal advice before embarking of doing anything themselves since writing such a document can come with its own set of complexities.

Trusts allow grantors to transfer property after they die without having to go through the process of probate. These trusts also guarantee the privacy of the grantor — something that wills do not afford. Since estate plans can be as individual as the persons to whom they belong, a cookie-cutter plan for a living trust is not the wisest idea. Kits do not address the individual needs of grantors and as such are as simplistic as possible, which could cause beneficiaries more grief in the long run.

States vary on how they treat trusts, so it is crucial a grantor has some understanding of how those laws pertain to his or her state. Issues that are state-specific can affect trust-making and a generic form will not likely address those specific issues. In fact, standard trust forms have disclaimers that speak to these issues.

An Illinois lawyer experienced in estate planning will have the knowledge necessary to advise and guide clients on the writing of various types of trusts. Having an attorney’s assistance in drafting a revocable living trust may keep a grantor from making some errors that could have been averted. A lawyer will review each client’s individual case and made suggestions based on individual circumstances.