You have a house, you pay the mortgage, keep up on repairs, make improvements, and if all goes well, someday you will pay it off. But what happens to your home if something happens to you? What happens to your family (who may live in the home)? Growing old is part of life. There may come a time when you are no longer living in your house. In that case, your house needs to be transferred to your spouse, your children, other family members or other loved ones. How can you prepare for this transition? An experienced estate planning attorney can help you figure out what the best option for your property will be. You may need a will, a TODI, a land trust, or a revocable living trust. You may need something else. No matter which option you choose, you should discuss your plans with your family. A will… read more →
If you are thinking about setting up a land trust, you should educate yourself. Does a land trust even make sense for you? What are the benefits of putting your real estate in a land trust? What’s the downside? And of course, what types of land trust options do you have in the state of Illinois? In its essence, a land trust is simply a trust created to hold real estate. In most cases, one land trust holds one parcel of real estate. The elements of a land trust are fairly straightforward: (a) You need to create a trust agreement; (b) to the extent you are using a title company or a bank to manage the land trust, you need to make sure that the trust is open and paid for; and (c) you need to actually fund the trust by transferring in the real estate in question. One of… read more →
At least once a week, quite literally every week, I talk to a client who says to me, “I need to put my house in a living trust.” I had this conversation with someone just yesterday, and it was not even the first time this week. Over the years, I have learned that there is a one-word follow-up to this statement: “Why?” And really, whether or not the house needs to go into the living trust is dependent on the answer to that question. Many people have heard from their friends, their family members, and, of course, the internet, that they should have a living trust. A living trust is a wonderful estate planning tool. It can simplify the process of transferring assets to family and other heirs after a death. That is why I ask people why they want to put their house into a living trust. If they… read more →