News & Articles - Estate Planning & Probate | North & NW Chicago Suburbs

PROSPERA LAW

Trust Administration in Illinois: A Guide for New Trustees

Congratulations on setting up your trust or being appointed as a trustee! Trust administration is a crucial process that ensures the intentions of the trust creator, or grantor, are carried out effectively and in accordance with Illinois law. Understanding the steps involved in funding and administering a trust is essential. This guide aims to answer common questions and provide clarity on these processes.

Why Single Individuals Need an Estate Plan

Ultimately, estate planning is about taking responsibility for your future and the legacy you leave behind. It’s a way to ensure that your values and wishes are respected, that your assets are distributed according to your preferences, and that you make a positive impact on those you care about and the causes that matter to you. Even if you don’t feel connected to these decisions now, the forethought can provide immense benefits to others and reflect the person you are and the principles you stand for.

Charitable Giving: Comparing Charitable Giving Tools & Strategies

When it comes to estate planning, two common tools that individuals often consider are wills and trusts. Both serve the purpose of distributing assets and ensuring the fulfillment of your final wishes, but they differ in several key aspects. Let's explore the pros and cons of each option to help you make an informed decision.