Being a parent is one of the toughest jobs in the world. The vast majority of parents in Illinois and elsewhere just want to do their best to make sure their children are loved and protected. Unfortunately, many parents fail to put plans in place that will protect their children in the event that they are no longer around to care for them. A trust can, if written and funded properly during the estate planning process, safeguard one’s children and their future.
What is it about a trust that can do this? When assets are placed in a certain type of trust, they are highly protected from legal claims or creditors. What type of trust is needed to accomplish this? An irrevocable trust.
An irrevocable trust is something that cannot be changed once it is put into action. The individual funding the trust has to be sure it is something that he or she wants to do, and this individual needs to be sure he or she is ready to give up control of the assets being placed in the trust. It can be a lot to ask of a person, but one has to think of the end goal. If one wants to make sure that assets are there and available for children, this is one of the best ways to do it. Not only can one name specific beneficiaries of the trust, but it is also possible to give detailed instructions as to how and when assets are to be distributed.
Not all Illinois residents will require trusts to protect their assets for their children. Those who are not sure if this is something that they would benefit from having can turn to legal counsel for guidance on the matter. An experienced estate planning attorney can help one create a trust if doing so is deemed appropriate.