What are the Differences Between Revocable and Irrevocable Trusts?
Establishing a trust offers a reliable method to handle your assets and provide for your family. Many individuals assume that drafting a simple will covers all necessary estate planning steps. However, trusts offer unique benefits that wills cannot match, such as avoiding the public probate process and offering specific parameters for asset distribution. When you …
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Sending an Annual Trust Accounting: Understanding Your Rights and Requirements
Establishing a trust is a fundamental step in protecting your family’s assets and ensuring your wishes are honored for generations to come. The Illinois Trust Code (ITC) serves as the foundation for trust creation, administration and beneficiary rights for families, setting clear guidelines and protections for all those involved. Understanding the rules under this code …
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What is an Incentive Trust?
An incentive trust is an estate planning tool that allows you to set specific conditions for beneficiaries to receive distributions from your trust. This approach enables you to maintain control over your assets even after death while encouraging positive behaviors and achievements among your heirs. A/Z Wilson Estate Planning & Elder Law can help you explore whether an incentive …
In Trustee We Trust: What New Trustees Need to Know
Being chosen as the trustee of a trust is a significant honor: it means someone has a great deal of confidence in your judgment and integrity. But with that honor comes important legal and ethical responsibilities. If you’re new to the role, the first step is understanding what’s expected of you so you can manage …
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