There are several legal tools available when it comes to planning your estate. Some of these tools have complex and strict requirements that can be frustrating for your heirs after your death. This is especially true if your assets go through probate, an often costly and time-consuming process in which the court oversees the execution of your will. These frustrations sometimes lead to bitter estate disputes among beneficiaries.
One of the most popular and powerful estate planning tools is a living trust, which often avoids such disputes. This article will discuss what a living trust is and how it can prevent such disputes. Consult an Illinois estate planning attorney to find out if a living trust is right for you.
What Is a Living Trust?
A living trust is so-called because it is established during your lifetime and becomes effective once you transfer assets into it. There are two types of living trusts: