Most well-designed estate plans include at least one trust. A revocable living trust is usually used when the purpose is simply to distribute estate assets after the trustor’s death. Some plans include an irrevocable trust for asset protection purposes during the trustor’s life. There are many other types of trusts that serve more specialized purposes. You may want to include a smaller trust with a specialized purpose in your estate plan depending on who you want to leave property to and for what purpose. An experienced Lake County, IL estate planning attorney can help you decide if you need one of these special types of trusts.
Pet Trusts for Protecting Your Furry Companion
A pet trust is designed to provide financial support for your pet for as long as it lives. If you have a cat, dog, or other animal that you want to make sure is well provided for should the pet outlive you, you may consider using a pet trust. First, you would use your testamentary instrument to designate the person who should take your pet. You can then instruct your trustee to distribute funds to your pet’s new caretaker to meet the pet’s needs. Pet trust funds can be used to pay for your pet’s food, medical care, toys, and other necessities.