Legal Question in Wills and Trusts in Illinois

Differences between trusts and wills

he basic difference is that a will, depending on the law of your state, must be filed with the court and is public. A trust does not have to be filed and thus its provisions are totally private. The distributions and tax effects of either are not that different. However, if you establish a trust you must make sure that whatever you want to be governed by the trust must be transferred to the trust. If you do not transfer the asset of the trust, then its distribution is governed by your will, if you have one, or if not by the intestacy statutes of your state. (intestacy means no will). Many people set up trusts but fail to transfer their assets to the trust making the trust a useless document. Yes, you should have an attorney - but the law does not require it. If you think you can draft an acceptable document, then do so at your own peril.

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