Legal Question in Wills and Trusts in Illinois
assets
My Mom is thinking about setting up a living trust (instead of her will). I am beneficiary to her annunity and co-owner of her cd. Can they be left out of the trust? She wants to leave them to me privately.
Thank you.
Asked on 2/01/07, 11:28 am
2 Answers from Attorneys
Peter Olson
The Olson Law Firm, LLC
Re: assets
Any asset where a beneficiary is/can be named can be left out of the trust. The difficulty can arise then, however, when people haven't kept beneficiary forms updated properly and then there's an asset NOT in the trust and w/o a beneificary named. So, why not put it into the trust to cover your bases.
Answered on 2/01/07, 11:33 am
Jeffrey R. Gottlieb
Law Offices of Jeffrey R. Gottlieb, LLC
Re: assets
They *can* be held outside of the trust. The question is whether that best meets her estate planning goals and wishes, something your mother should discuss with her estate planning attorney.
Answered on 2/01/07, 11:34 am
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