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Do I need to set up a trust in Illinois?

On Behalf of | Dec 12, 2019 | Firm News

A trust is a legal arrangement in Illinois under which you name someone else as a trustee and give them rights to operate your property on your behalf. A trust can be irrevocable or living. Either way, the beneficiaries of the trust will get to inherit the property after you die. The main idea behind creating a trust is to save your family from the stress of having to go through a probate court. But is that important in Illinois? 

Yes, it is! The state of Illinois does not adhere to the uniform probate code which was intended to standardize the probate process; therefore, making a trust is a good idea. However, if your property is under $100,000, there is a simplified probate process that is relatively inexpensive and straightforward. You may, therefore, not need to have a trust. 

Do you still need a will when you have a trust? Yes. Having a trust does not excuse you from having a will. Usually, trusts do not protect every single asset. All the assets that do not get into your trust can be covered if you have a will. Also, the will allows you to name someone that was left out of your trust. If you do not have a will, the courts will decide how unprotected assets are divided.

This information is for educational purposes only. Do not consider it to be legal advice.