Will vs. Trust in Illinois: Which is Right for Your Estate Plan?
When planning for the future, one of the most common questions I receive is: "Do I need a will or a trust?" While both documents outline who receives your assets, they have very different legal functions.
What is a Last Will and Testament?
A will is a legal document that goes into effect only after you pass away. It allows you to name an executor to manage your affairs and, crucially, to appoint guardians for minor children—something a trust cannot do. At a minimum, a will allows you to have control over who receives from your estate and who will manage it. Without a will, the Illinois Probate Act determines this.
The Downside: The Illinois Probate Process
The biggest drawback of a will in Illinois is that it typically must go through probate. Probate is a public court proceeding in which a judge “admits” your will (i.e., validates it), and your executor uses letters of office to manage your estate. While probate isn’t necessarily bad or scary, it can become costly and time-consuming.
Public Record: Once filed, your will becomes a public document. Anyone can see what you owned and who inherited it.
Time & Cost: Even a simple probate in Illinois can take 12 months to open and close the estate.
2026 Update: As of January 2026, Illinois has increased the Small Estate Affidavit threshold to $150,000. If your "probateable" assets (excluding vehicles) are under this amount, your heirs might avoid full court probate, making a will a more viable option for smaller estates.
What is a Revocable Living Trust?
Think of a trust as a "bucket" that holds your assets. You create it during your lifetime, and it continues to exist after you pass away. Because the trust (not you personally) owns the assets, there is no need for a court to transfer them. Revocable living trusts are connected to you and subject to your personal creditors. Still, they can be particularly useful for your loved ones to administer your estate when you pass away.
Key Benefits of an Illinois Trust:
Avoids Probate: Trust assets pass to beneficiaries privately and quickly, typically without court intervention. If probate or court is required, it could be because an asset did not pass to your trust, or someone is contesting a provision in your trust.
Incapacity Planning: Unlike a will, a trust can name a "successor trustee" to manage your finances if you become ill or mentally incapacitated, avoiding a public and costly guardianship proceeding.
Privacy: A trust is a private contract. Your neighbors and the public will not have access to the details of your estate.
Which One Should You Choose?
A Will may be sufficient if:
You have a relatively simple estate valued under $150,000.
Your primary concern is naming guardians for young children.
A Living Trust is likely better if:
You own real estate (especially property in multiple states).
You want to keep your family’s financial business private.
You want to ensure your family has immediate access to funds after your passing.
Tax Planning: In 2026, Illinois continues to tax estates over $4 million. A trust is a vital tool for married couples to maximize exemptions and reduce state estate tax liability.
Conclusion
If you aren’t sure whether you want a will or a trust, that’s okay! During a consultation, we discuss your family, goals, and finances, and I will help you determine the best course of action for your estate planning.
Ready to protect your Illinois estate? Don't leave your family’s future to the default rules of the state.