An estate plan is critical in securing your legacy and ensuring your requests are carried out after you pass away. While many people believe that having a will is sufficient, there are compelling reasons to consider establishing a trust, even if you already have a will in place. An Illinois lawyer can help you explore the benefits of trusts and why they might be valuable to your estate plan.
I Already Have a Will. Do I Need a Trust?
A will is an essential document that clearly demonstrates how you want your assets divided after you pass away. However, a trust can offer additional benefits that a will cannot provide. While a will goes through probate, becoming public record and potentially causing delays, a trust allows for quicker, more private asset distribution without court intervention. This privacy protection can be crucial for maintaining family confidentiality and preventing potential conflicts. A trust can also provide for your care if you become incapacitated, whereas a will only takes effect after death.