A will is a legal document that outlines how a person’s assets will be distributed after their death. It can also include instructions for the care of minor children and pets, and the appointment of an executor to manage the distribution of assets.
A trust, on the other hand, is a legal arrangement in which a trustee holds and manages assets on behalf of a beneficiary or beneficiaries. There are many different types of trusts, including revocable trusts, which can be changed or dissolved by the grantor during their lifetime, and irrevocable trusts, which cannot be changed or dissolved once they have been established.
Both wills and trusts can be useful tools for estate planning, but they serve different purposes. A will primarily deals with the distribution of assets after death, while a trust can be used to manage assets during a person’s lifetime and after their death. Trusts also have the added benefit of potentially avoiding probate, which is the legal process of distributing a deceased person’s assets.
It’s important to note that a person can have both a will and a trust. In fact, many people find that a combination of the two is the most effective way to ensure that their assets are distributed according to their wishes and that their loved ones are provided for.
It is advisable to consult with an attorney who specializes in estate planning to determine the best course of action for your specific needs and circumstances.
Our Illinois estate planning attorneys also represent clients in Crystal Lake as well as Warrenville, Naperville, Lake Forest, and Saint Charles offices. Please contact our Crystal Lake estate planning lawyers today at (815) 415-3000.
