Planning for your loved ones’ futures is a simple way to leave a lasting legacy, and the best way to do that is to create a comprehensive estate plan. These plans can go beyond simple wills and power of attorney designations. They can also include trusts designed to simplify the inheritance process, which can be particularly helpful for homeowners who want to leave their houses to their loved ones. Putting your house in a trust offers several distinct benefits. Here’s what your Illinois estate planning attorney wants you to know.
You Can Avoid Probate
When you leave your home to your loved ones in a will, it has to go through probate before your beneficiaries can legally inherit the property. During this process, the court proves the validity of the will prior to dispersing any assets to your beneficiaries. The process can take several months to several years, depending on the complexity of the will, any challenges presented, and the court’s outstanding number of cases. Worse, it can be expensive for your loved ones. By placing your home in a trust, you’ll avoid probate and your loved ones will be able to take possession of your property faster and with less hassle.
Your Affairs Will Stay Private
When you put your home in your will, the contents of the will go through probate and become public knowledge. This can be difficult if you’re not wanting to exclude certain relatives and family members from your list of beneficiaries. By placing your home in a trust, you’ll be able to keep your affairs private. The trustee will oversee the distribution of all assets in the trust, and anything included in the trust won’t be made public through the probate process.
You’ll Simplify Distribution of Properties in Multiple States
If you have properties in multiple states and leave them to your loved ones in your will, those properties will have to go through probate in the state they’re located in. This means your estate will have to pay probate costs in each state and your loved ones will have to wait until probate is settled to take possession of the property you want them to have. By placing your homes in a trust, especially if you have homes in multiple states, you’ll simplify your loved ones inheritance by letting them take possession of the property without going through probate in multiple states.
Is a Trust Right for You?
Trusts can be a great way to leave assets to designated beneficiaries without forcing your loved ones to go through the complicated and often expensive probate process. However, it’s not the perfect solution for everyone. Trusts can be more expensive to establish and maintain and if you decide to sell your home after putting it in the trust, the process can be more complicated and time-consuming. If you’re considering incorporating a trust into your estate plan, it’s a good idea to speak with an experienced Illinois estate planning attorney.
Your attorney will be able to help you choose the right form of trust for your situation and can help with everything from setup to maintenance. They’ll also be able to review the rest of your estate plan to ensure that everything is designed with your best interests in mind.
Schedule a Consultation Today
Creating a trust and placing your home in that trust offers many benefits, but it’s not something you should do lightly. You’ll want to make sure you understand the pros, consider the possible downsides, and choose a trust that works for your situation. Let an experienced attorney at Legacy & Life help you make the best choice for your loved ones’ futures. Contact us today to schedule a free consultation.