Living Trust or Will – which is the superior estate planning tool?

Question:

Living Trust or Will – which is the superior estate planning tool?

Answer:

In Illinois, both a will and Living Trust are legal tools used for estate planning, but a Living Trust typically offers significant advantages over a will.

A Living Trust is a private document which allows for the private management and distribution of all assets without the involvement of a probate court. A Living Trust also can come into effect prior to your death, if you become disabled or otherwise unable to care for yourself and/or your assets, by the appointment of a successor trustee to handle any such matters during your lifetime (should you so elect).

A will, on the other hand, comes into effect only after someone’s death and must become a public record, as IL law requires that the will must be filed in the county in which the death occurred within 30 days of death. The court’s involvement in the management and distribution of all assets also adds on significant and costly delays.