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Exploring the potential benefits of trusts in estate planning

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.

Trusts: Weighing the advantages of each option in estate planning

Individuals in Illinois and elsewhere may put a great deal of thought into the process of planning for the future. With numerous crucial areas to cover, estate planning can be somewhat intimidating, but one may be able to overcome any hesitations by exploring the advantages of the available options, such as a trust. While trusts can provide a multitude of benefits, it may be advisable to speak with someone with extensive knowledge in estate planning before deciding upon a path.

Providing for minor children through a life insurance trust

When you consider the best way to allocate your assets through your Illinois estate plan, your primary focus may be how to ensure that your minor children are cared for financially. We at the law office of Donald R. Johannes, Attorney at Law, understand that a will may not be enough, and we often advise clients on the benefits of a life insurance trust.

What is a land trust?

If you are a property owner in Illinois, you have the option of creating a land trust. According to the Illinois Department of Financial & Professional Regulation, a land trust is a legal situation in which you put the deed to the land in someone else’s name while still retaining all basic ownership and usage rights to the property. You can create a trust at any time by filling out a simple legal document that appoints the trustee.

What is a living trust?

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.