In order to ensure your assets are taken care of and probate is avoided, establishing a trust can be a smart tactic when managing one's estate. Our Peoria County estate administration attorneys discuss how you can use a trust to ensure that your estate avoids going through probate after you pass. This process will allow you to allocate any assets to the appropriate party.

​Read the full article by our Peoria County estate administration lawyers explaining why revocable living trusts are crucial in avoiding probate in Peoria County. 

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Our Peoria County estate administration attorneys explain how revocable trusts work and can be used to avoid probate. They are important when dealing with wills and trusts, and our attorneys make understanding them easier by discussing the following:

• Probate Avoidance: Any assets transferred to a trust during your lifetime will avoid probate at death
• Diminished attorney Fees
• Immediate access to assets
• No need to appear in court or obtain court approval for payment of debts, distribution, and termination of the trusts
• Disability Planning: A revocable trust allows a trustee to manage a disabled client’s trust assets without the need to resort to guardianship arrangements, which can be expensive
• Confidentiality: Unlike a will, a living trust is not filed with the probate court when the client dies. Therefore, the details of the client’s estate plan do not become a part of the public record.
• Protection from Renunciation: Under Illinois law, a surviving spouse may renounce a will and elect to take a third of the estate (half if there is no descendant after payment of creditors). Trust assets are not included in the estate for this purposes.
• Financial Control:  By properly drafting your trust, you can ensure that the assets in question are distributed in a financially responsible manner to your heirs

‍Read the full article by our Peoria County estate administration attorneys explaining wills and trusts. ​

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In addition to the taxes that you pay during your lifetime, both the federal and the Illinois state governments require your estate to pay a tax before passing to your heirs. The good news is that both the federal and state estate taxes are subject to exemptions. Find out more information about these exemptions from our Peoria County estate administration attorneys.

‍Read the full article by our Peoria CountyEstate administration trust attorneys about how to use trusts to reduce and minimize estate tax. 

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