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In this article we will answer the question “what is a trust?” and explain how trusts are used in Illinois estate planning. We will answer the questions, “what are trusts used for?”, “how do trusts work?” and “what is the difference between a revocable living trust and an irrevocable trust?”.
Sep 24, 2020 · In Illinois, one of the most common types of trusts used in estate planning is known as a revocable living trust, or inter vivos trust. This type of trust is established while you are still alive, and is particularly useful for helping assets bypass probate. What Assets Can Be Placed Into a Trust?
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What is the Illinois Trust Code?
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What you need to know as trustee. The Illinois Trust Code applies to the operation of Trusts in Illinois after January 1, 2020. This law imposes certain duties on trustees (see chart below). Language in your trust can modify some of these provisions, but not others. Some of these can be modified.
The Illinois Trust Code (ITC) now governs the obligations of trust fiduciaries and rights of beneficiaries, and its modifications to prior law have significant implications for trust preparation and administration.
Aug 27, 2018 · The purpose of a credit shelter trust is to use the exemption amount of the first spouse to die without incurring an estate tax on his death. The exemption amount is used by funding the credit shelter portion. As we discussed earlier, the federal exemption is $5,340,000 and the Illinois exemption is $4,000,000.
The Illinois Trust Code is an adaptation of the Uniform Trust Code (UTC) that has already been implemented in 33 states. Most of the new code is elective and can be modified or waived by the trust's creator (known as the settlor), but some parts of the new statutes cannot be waived, such as the information a trustee must provide to beneficiaries.
May 24, 2024 · What is a trust? Simply put, a trust is a legal arrangement that ensures your assets will be managed according to your wishes during and after your lifetime. To learn more about trusts, however, you'll first need to know about three key stakeholders—the grantor, the beneficiary and the trustee.
