Illinois estate owners should take measures to protect themselves and their families by planning ahead. A well-devised plan prevents state or county interference with inherited properties and assets. It could also prevent your family from the task of making distinctions in the future without a full understanding of your wishes. If you need to create a plan or Estate Trust in Lake County IL today, you should contact Charles T. Newland and Associates and schedule a consultation.
How to Start a Trust:
Step 1: Identify the Trust Beneficiaries
It is advisable for you to identify trust beneficiaries as a group instead of individuals. This creates a backup plan in case any of the assigned owners precedes you in death. It allows your attorney to make provisions that automatically designate an owner in the event that any of your appointees die.
Step 2: Establish the Type of Trust You Want
If you wish to create a trust that is effective immediately, you should select a living trust. You have two options, irrevocable and revocable. Revocable trusts allow the estate owner to make modifications throughout their life and can help them avoid probate during estate planning. However, an irrevocable trust presents protection against creditors. This prevents creditors from trying to cease the property, as it is no longer owned by the estate owner.
Step 3: Identify Your Purpose for the Trust
The purpose of the trust determines further classification for it. For example, a testimony trust is utilized to create a trust fund for children. It prevents the children from controlling the funds until they reach a certain age. It also allows you to contribute to it throughout your life. A spendthrift trust is another option for your children. It allows you to control how they use the money. For example, you can devise stipulations for the trust that prevents them spending the funds on unnecessary items and use it for beneficial purposes such as for their education.
Once a trust is established, your attorney can help you address concerns that may arise in the future. You can address provisions that are needed to protect your family and assets more fully. If you wish to discuss your opportunities for a Estate Trust in Lake County IL today, schedule an appointment now.
