Legally speaking, an unfunded trust is not valid if it is not funded at the correct time for the type of trust that it is. For example, if it is a testamentary trust, it does not need to be funded during the trustor’s lifetime. In fact, it only gets funded at their death, and this is the appropriate way for it to go. So, an unfunded trust at death is valid during the testator’s lifetime if it is a testamentary trust, but it will not be valid if it does not get funded at their death, such as through their will.
July 24, 2024
When it comes to Illinois estate planning, one important decision is whether or not a trustee should be designated as the beneficiary of a life insurance policy. Understanding the implications of this choice and how trustees work with beneficiaries in handling an estate’s affairs is crucial. This article will guide you through navigating the legal landscape in Illinois when considering making your trustee the beneficiary of your life insurance policy as part of your overall estate plan.
April 23, 2024
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