A living trust, unlike a will standing alone, allows individuals to maintain confidentiality as to their assets as well as the provisions concerning the disposition thereof, during their lifetime and after their death. In addition, if a person becomes mentally incapacitated, a living trust will provide for a smooth transition to a successor trustee of one’s choice, and will not only provide the comfort of knowing that a trusted individual or financial institution, but the expense and intrusiveness of a court-administrated guardianship will likely be avoided.
As people are living longer and are much more active today than in prior generations, it is increasingly important for individuals to establish a vehicle such as a living trust which will be available to take care of their personal needs should they suffer an incapacitation at any time, whether at a young age or in their later years.
- NEW ILLINOIS LAW PROHIBITS CHARGING WOMEN MORE THAN MEN FOR THE SAME SERVICES - October 23, 2017
- LLC Asset Protection Under Illinois Law - October 18, 2017
- Renunciation of Will by Surviving Spouse - October 18, 2017
- Connecting On Social Media: Do Invitations To Connect Violate A Covenant Not To Compete? - October 18, 2017
- ESTATE PLANNING FOR DISABLED PERSONS - March 22, 2017
- FINAL REGULATIONS DEFINING MARITAL STATUS TERMS ISSUED - March 22, 2017
- DON’T LET THE TAIL WAG THE DOG: Wills and Trusts Are Still Necessary - March 22, 2017
- DURABLE POWERS OF ATTORNEY FOR PROPERTY: Uses and Abuses - January 19, 2017
- WHY A TRUST – SECOND IN A SERIES - December 21, 2016
- WHY A TRUST – FIRST IN A SERIES ANSWER NO. 1 - November 30, 2016