Establishing Trusts in Fulton County IL
Before one’s passing, it’s crucial to have some amount of estate planning complete. And while most opt for writing a will and being done with planning, there are other options available to those interested in preserving their estate. For example, trusts offer better protection of one’s property and wealth and ensure a smoother transfer of estate after a loved one’s passing. If you’re interested in establishing trusts in Fulton County IL for you and your family, talk with the team at Brave Law Center, P.C.
What’s a Trust?
When a trust is established, you (the trustor) create a fiduciary relationship that gives another party of your choosing (the trustee) the right to hold property or assets for beneficiaries of your estate. Trusts are similar to wills in that they set up a framework for how you wish your assets to be divided. However, trusts are private and don’t go through the typical probate process required for wills. There are several types of trusts, including:
- Living Trusts Any assets placed in the trust can be accessed and used to the trustor’s benefit throughout their lifetime. Upon the trustor’s death, the trust then transfers to the inheriting trustee, where it becomes their responsibility to carry out a trustor’s wishes (as stated in the trust).
- Revocable Trusts The trustor has the power to change or terminate the trust at any point during their lifetime. The trust then goes through the same process as a living or irrevocable trust after the trustor’s death.
- Irrevocable Trusts The opposite of a revocable trust. Once established, this trust cannot be changed, and it cannot be revoked upon the trustor’s death.
Why Choose a Trust?
While wills are often quicker and more straightforward to establish than trusts are, trusts have benefits that can significantly assist the trustee and beneficiaries after the trustor’s passing. For example:
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- Avoid Probate If your loved one had a will upon their passing, a probate court would help you carry it out. However, with probate involved, this means the deceased’s estate goes into the public record and is subject to significant taxation and probate fees. Conversely, a trust keeps an estate private. Trustees will either minimally interact with probate court or avoid it entirely.
- Better Control Depending on the type of trust you choose, you’ll likely have more control over the way your assets and estate are managed. Furthermore, establishing a trust allows you precise control over how your assets are divided upon your passing. For example, you can control the release of inheritance once specific requirements are met.
- More Difficult to Challenge The work that goes into establishing a trust requires the assistance of a legal professional to complete. Conversely, while attorneys can also manage wills, they don’t always do. Thus, if litigation were to occur in argument of the management of a will or trust, it’s more difficult to challenge a trust due to its more complete legal nature.
Call Today
Establishing trusts in Fulton County IL isn’t the only way to get started with your estate planning. Talk with the attorneys at Brave Law Center, P.C. to assist you with power of attorney, writing wills and more. You can contact us at 309-685-7900 to request a Request Reservation. Also, we are located at 330 NE Perry Ave, Peoria, IL 61603.
