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Should your trustee be your spouse?

Yes, but naming the surviving spouse, as a Trustee should be done only after reviewing all the facts and counseling with your advisors. In a first time marriage where both spouses have great confidence in each other, it is common for the surviving spouse to be designated as a Trustee of the Family and Marital Trusts.

What is the purpose of a spousal trust?

A Trust (or Marital Trust) Heres how it works: At the time of death, trust-owned assets are transferred to a trust for the benefit of the surviving spouse, essentially allowing estate taxes to be delayed until the second spouses death.

When a husband dies what is the wife entitled to Illinois?

Generally, a surviving spouse is entitled to receive a spouses award of $20,000, plus an additional $10,000 for each dependent child living with the spouse. (Note that a dependent child may be a minor or an adult.)

Does a spouse automatically inherit everything in Illinois?

Spouses in Illinois Inheritance Law If you have no living descendants, your spouse gets all of the intestate property. If you have living descendants, your spouse will get half of the inheritance, and your descendants will get the other half of the inheritance.

Should my wife and I set up a trust?

Assuming you have no creditor concerns, both spouses want all the assets to go to the surviving spouse, and state death tax will not be an issue, a joint trust may be the way to go, for several reasons: A joint trust is easier to fund and maintain during the couples lifetime.

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