Most individuals understand what a trust is even though they might not completely understand the dynamics of various trusts, but what about a trustee? What exactly is the role of a trustee in Illinois when it comes to administering trusts? Essentially, a trustee can be a person or an organization holding the legal title of one or more assets for another person, known as the beneficiary. Specifically, a trustee's role is indicative of the type of trust and what is included in that trust.
There is more to building a complete estate plan than simply writing a will and putting it on a shelf for years. Illinois residents may welcome the flexibility that trusts can provide in their estate plans. But these trusts should be built to be flexible so that they can change as life circumstances change and tax laws change over the years.
Many people believe that a trust is a trust is a trust. But that's not really so. There are differences in various trusts -- as an Illinois lawyer would be able to explain; however, a living trust may be just the ticket for some individuals to consider when they're doing their estate planning. A living trust is called living since its inception is during the life of the grantor. Such trusts can either be revocable or irrevocable and as the names imply, one can be changed, while the other can't be.
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.
Contrary to popular belief, setting up a trust account isn't just for the rich. Trusts can also be utilized by Illinois residents who have a little money set aside and who want to put them to work for the future benefit of their beneficiaries. Those who have accumulated a little nest egg may benefit from looking into trusts.
For those who haven't revamped their estate plans since the Trump administration, perhaps they should seriously consider it. Since Donald Trump's government made changes to federal tax laws, Illinois residents will find they will be able to leave more tax-free assets to their beneficiaries. Trusts, although still useful in many respects, may not be the only way of tax sheltering wealth.
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.
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.
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.
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.