If you are beginning to think about planning for the future of your estate, one of the first decisions you will face is whether to obtain a “Will“,or a “Revocable Living Trust”, or both. Each option has benefits and drawbacks.
A “Revocable Living Trust” can help your family avoid probate, but it is not the right choice for everyone. An experienced Oak Park, IL estate planning lawyer can help you understand how each document works under Illinois law so you can make an informed decision.
How Are “Wills” and “Revocable Living Trusts” Different?
A “Will” just states how you want your property distributed after your death, and can also include naming who you would like to act as a guardian for any minor children, plus you will name an “Executor” who will see to it that the terms of your “Will” are met. In Illinois, in some but not all situations, “Wills” may have to go through probate court before assets can be distributed.