While you have all the basics in place, you’re thinking about adding one or more trust funds to the plans for your estate. An estate planning lawyer in Rockford, IL, will be happy to help you explore different fund options and come up with the ones that work best for your situation. Here are three of the more common trusts that you will want to discuss with your lawyer.
Revocable trusts allow you the flexibility to make changes to the provisions at a later date. That’s great if you want to make some changes in who receives the assets held in the trust. You can also alter the distribution schedule or add beneficiaries. It’s only after you pass away that the provisions can no longer be changed.
As an estate planning lawyer in Rockford, IL, this type of trust is a good choice if there is no chance that you will want to change the provisions once the trust is active. The only way that this type of trust can be altered is with the permission of the beneficiaries named within the trust provisions.
Living trusts allow you to transfer assets like property, investments, and cash to others while you are still alive. This approach can work well if you want to provide some type of ongoing income for an adult child or other relatives. In many cases, that income is generated by interest earned on the assets held within the trust. Once you pass away, those assets may continue to generate income for the beneficiary or they may be placed in the control of that beneficiary. An estate planning lawyer in Rockford, IL, can help you structure a living trust so that it provides the type of support you have in mind.
Is it time to enhance your basic estate planning with the addition of trust funds? The team at the Crosby Law Firm can help. Call today to schedule a consultation. Together, we can determine which types of trust funds would work best in your case.