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Will vs a trust: which one should you get?

On Behalf of | Jul 19, 2024 | Estate Planning

Estate planning is essential to protect your assets and ensure your wishes are honored after your passing. Many people wonder whether they need a will, a trust, or both. In Illinois, having both a will and a trust can provide comprehensive protection for your estate. Each serves a unique purpose and offers different benefits.

What is a will?

A will is a legal document explaining how you want your assets distributed after death. It allows you to do the following:

  • Name an executor: Appoint someone to manage your estate.
  • Assign guardians for minor children: Specify who will care for your children if they are underage.
  • Distribute assets: Clearly state how your assets should be divided among your beneficiaries.
  • Provide instructions: Give specific directions for your loved ones to follow.

In Illinois, a will must be in writing, signed by the testator, and witnessed by at least two individuals.

What is a trust?

On the other hand, a trust lets you transfer ownership of your assets to a trustee, who manages them to benefit the beneficiaries. It intends to:

  • Avoid probate: Bypass the probate process, which can be lengthy and costly.
  • Provide privacy: Keep your estate details private, as trusts are not public records.
  • Manage assets efficiently: Allow a trustee to manage and distribute assets according to your instructions.

There are several types of trust, revocable or irrevocable, each with specific advantages. A revocable living trust allows you to retain control over your assets during your lifetime and make changes as needed.

Choosing the right one for you

Deciding between a will and a trust depends on your needs and goals. Using both may assure you that all aspects of your estate are covered and that your wishes are honored. If you want a personalized plan that meets your needs, you may seek help from a legal professional. They can help you plan, protect your assets and achieve peace of mind for the future.

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