For Illinois Residents
Typical Estate Planning Documents for All Estates – Illinois Residents
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Trusts are the most flexible estate planning document available. A Trust may be created during life (called an intervivos trust) or by your Will (called a testamentary trust).
Trusts can be created for many different purposes, for example: to manage your property, make gifts of your property to family members or to charities, manage assets for minor or incompetent beneficiaries or until a beneficiary attains a certain age, provide for the needs of a second spouse during his/her lifetime with assets passing to the children of a first marriage upon the second spouse’s death, or provide for the supplemental care of a disabled individual or an elderly person while allowing him/her to qualify for public assistance, or a pet trust for the care of your animals.
There are certain types of trusts that are irrevocable and other types are revocable (such as a “revocable living trust’). Other trusts are treated as a gift to the beneficiaries yet all of the income and expenses are reported back on the grantor’s personal income tax return (these are called “Grantor Trusts”).
For additional information on some of the more common complex types of trusts available see the page on Advanced Estate Planning.