Lake Forest, IL Estate Planning Attorney Jennifer Howe explains the ways trusts can be used to help her clients.
More In This Category
Well, one of, I mean people view trusts as being asset protections and most trusts are not but they do provide our clients with the ability to have all different types of assets particularly clients who own assets across different state lines so that’s certainly a very important aspect of using a trust. It also provides privacy in that your estate plan or your assets will be disposed of after your death in a manner that’s not, you know, part of the probate or part of the public record.
It also provides continuity while you are or if you become disabled during your life you’ve set forth a mechanism by having a successor trustee who can step in for you so that you don’t’ have to worry about times of disability what’s going to happen with your assets.
So those are really the three main reasons. There many others and particularly for different types of issues, charitable issues, asset protection issues that you use a trust. Bu the three main ones I would think for most of our clients walking in the door that they would be considering using a trust.