Illinois Complex Will - Income Trust for Spouse
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How to fill out Complex Will - Income Trust For Spouse?
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FAQ
When One Spouse is the Beneficiary of a Trust. Inherited assets are considered separate property, even if you or your spouse received them during your marriage. If one spouse receives money from a trust set up by a deceased family member, the income from the trust is considered that spouse's separate property.
If the trust was established during the marriage, then it is marital property, and you stand a strong chance of getting access to those funds. If the trust was established before the marriage, it is separate property, and you will find it much more difficult to access this asset.
In general, most experts agree that Separate Trusts can provide more asset protection. Joint Trust: Marital assets are all together in a single trust. This means there's less asset protection, because if there's ever a judgment over one of the spouses, all of the assets could end up being at risk.
A trust fund established for the benefit of an individual or a family may be considered marital property or may pass through the estate without qualifying it as marital or nonmarital. In certain circumstances, a revocable trust in Illinois could even be revoked in the event of a divorce.
As a rule, the act of marrying will automatically revoke (invalidate) all previous estate plans whether it is a Will or a Trust.
Illinois law requires the person who wants to contest the trust to have legal standing. This means they must have an interest in how the case is decided in court. In most cases, beneficiaries and heirs are the only ones standing in a trust contest.
In an Illinois divorce, all assets acquired during a marriage are subject to property division except ?property acquired by gift, legacy, or descent.? Inherited property and inheritance money usually fall into these categories as separate property, unless the court rules otherwise.