A LIVING TRUST IN CHICAGO

Many people  in Chicago now choose a living trust instead of relying on a will or joint ownership in their estate planning. A properly prepared and funded living will can provide many benefits for you and your loved ones.

Here’s how a Living Trust helps you….

• Avoids wasting time and money on probate court (multiple probates if you own assets in more than one state).
• Provides easier, more efficient administration of your estate
• Gives you and your family maximum privacy by avoiding public court processes.
• Minimizes emotional stress on your family.
• Brings all of your assets into one plan controlled by one set of instructions.
• Prevents unintentional disinheriting
• Lets you keep assets in the trust until your beneficiaries reach the age(s) you want them to inherit.
• Can continue longer to provide for a loved one with special needs.
• Assets can remain in the trust and be protected from beneficiaries’ creditors, spouses, divorce proceedings, irresponsible spending and future death taxes.
• Prevents the court from controlling inheritance of minor children.
• More difficult than a will to contest.
• Provides effective pre-nuptial protection.
• Can be changed or cancelled at any time.
• Can include tax planning to reduce or eliminate state and/or federal estate taxes.
• Lets you keep maximum control while you are living (even if incapacitated) and after you die.
• Peace of mind.

HOW MUCH DOES A LIVING TRUST COST IN ILLINOIS?

It will probably cost more initially to set up a well-drafted living trust than to have a will prepared. One reason is that a living trust has more provisions because it deals with estate management while you loved one is still living opposed to a will which is only valid after the passing of a loved one. When comparing costs, remember that the true cost of a will must include the costs of probate which is still required when you pass away, possible conservatorship if you become incapacitated and the costs of a guardianship if you leave assets to minor children.

After weighing the costs and benefits, it is easy to see why so many people and professionals prefer a living trust.