The 5 Illinois Estate Planning Secrets You Need to Know part 3

The 5 Illinois Estate Planning Secrets You Need to Know part 3

3. Even if you have a trust, you still need a will. 

A trust does not eliminate the need to have a will. If you do not also have a will, any assets that are not part of the trust will pass intestate, which means that those assets may not be distributed according to your intentions. Moreover, a trust cannot deal with guardianship issues and certain assets, such as tax refunds and other assets that are acquired after the trust is prepared, cannot be placed into a trust.

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