The 5 Illinois Estate Planning Secrets You Need to Know part 2

The 5 Illinois Estate Planning Secrets You Need to Know part 2

2. A trust is essential in three situations – and highly recommended in several others. 

Unlike a will, a trust is not always necessary. There are three unique situations, however, in which a trust is essential, along with several other situations in which a trust is highly recommended. A trust is essential if:
• If you are single and over the age of 50, a trust will be able to provide specific instructions on managing your financial affairs in the event that you become incapable of doing so.
• If you are married and your combined net worth is over $4 million, a trust can save you a significant amount of money in estate taxes.
• If you are concerned about maintaining privacy, a trust can ensure that your personal affairs stay out of the public eye by remaining outside of the probate court system.

A trust is also recommended in a number of other situations. For instance, a charitable trust is an irrevocable trust that can be created for the benefit of a specific charitable organization. A living trust is revocable and can be altered during your lifetime. Finally, a dynasty trust can be used to hold property for the benefit of successive generations.

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