What A Living Trust Can Do For You
A Living Trust Eliminates a Living Probate
If you become disabled or are unable to manage your estate, your living trust avoids the need for a court mandated conservatorship. The successor trustee you’ve named will step in and manage your affairs without government interference and expense.
A Living Trust Avoids Death Probate
With a living trust your assets will go directly to your beneficiaries after your death. There will be no probate attorney’s fees or court costs. There will be no delay in distributing your assets, and all your estate planning goals will be completely private.
A Living Trust Can Reduce or Eliminate Federal Estate Taxes
At the present time, an individual can, upon his death, pass $5,490,000 free from federal estate tax to his heirs. Keep in mind that for a married couple, the above figure is doubled. If your are an Illinois resident, however, the exemption from state estate tax is limited to $4,000,000. In addition, because the Illinois estate tax is not portable between the spouses, it is important to use properly funded living trusts in order for each spouse to utilize his or her exemption.
A Living Trust Allows You to Control How Your Estate is Managed Even After Your Death
A living trust can provide for the care, support and education of your children by turning over assets to them at an age chosen by you. Even insurance proceeds can be paid to the trust so your successor trustee can manage them for the benefit of your family.
A Living Trust Can Protect Children From Earlier Marriages
Both the surviving spouse and the children from a previous marriage can receive fair treatment and protection under the terms of your living trust.
A Living Trust Can Ensure That Your Wishes Are Carried Out and Are Not Subject to Attack
Most living trusts contain a “No Contest Clause” which prevents greedy beneficiaries and their lawyers from successfully attacking your estate plan.
A Living Trust Gives You Peace of Mind
When your living trust is completed, you and your family will relax knowing that your estate will be managed and distributed by someone you have selected and trust.