Is a Basic Living Trust Enough, or Do I Need a Comprehensive Wealth-Building Living Trust?

 Posted on September 04, 2025 in Estate Planning

Many people create a living trust because they want to avoid probate and make things easier for their loved ones. A basic revocable living trust can accomplish that goal. But if you own significant real estate, have multiple investments, or want to focus on long-term wealth preservation, a more comprehensive wealth-building living trust may be the better choice.

As of September 2025, Illinois estate planning law is structured to allow families to use either a simple revocable trust or a more detailed, layered trust designed to protect and grow assets over time. Choosing the right option depends on your personal goals and the complexity of your financial picture. Regardless of the type of trust you need, our Yorkville, IL estate planning attorney has the experience to guide your decision-making. 

What Does a Basic Living Trust Do?

A revocable living trust is a document that allows you to transfer your assets into a trust while maintaining control of the assets during your lifetime. You act as the trustee, meaning you manage your property as you normally would. Upon your death, the successor trustee you have chosen distributes the assets according to your instructions.

The benefits of a basic living trust include:

• Avoiding probate in Illinois courts

• Keeping your estate matters private (unlike with a will, which becomes public record)

• Providing continuity of management if you become incapacitated

For families with relatively straightforward finances, these advantages are significant. A basic living trust ensures a smooth transfer of property without the time, cost, and stress of probate.

When Is a Wealth-Building Living Trust Necessary?

A comprehensive wealth-building living trust goes further than simply avoiding probate. It is structured to help families with larger or more complex estates achieve broader goals, including:

Real Estate Management

If you own multiple properties, such as rental homes, commercial real estate, or farmland, advanced trust structures can separate assets, protect them from certain liabilities, and make management easier for your trustee. 

Asset Protection

Basic living trusts do not protect assets from creditors. A more comprehensive plan may include provisions that shield family wealth from lawsuits, divorce settlements, or business liabilities.

Tax Planning

While Illinois does not impose its own estate tax until estates exceed $4 million, federal estate tax planning becomes important for larger estates. Wealth-building trusts can incorporate tax-efficient strategies to minimize what your family owes.

Generational Wealth Transfer

For clients focused on preserving wealth for children and grandchildren, trusts can be designed to stagger distributions, incentivize responsible use of funds, or provide ongoing financial support for education and healthcare.

How Do You Know Which Trust Is Right for You?

The right choice depends on your goals and the complexity of your estate. Consider these questions:

• Do you own more than one property, or property outside Illinois?

• Do you run a business or own rental properties?

• Do you want to protect your children’s inheritance from future divorces or creditors?

• Are you concerned about minimizing estate taxes or creating long-term financial security for your heirs?

If you answer yes to any of these questions, a wealth-building living trust may better serve your needs than a basic revocable trust. 

Too often, people download a basic trust form online without considering whether it truly matches their circumstances. While a generic living trust may work for a modest estate, it often overlooks opportunities for asset protection, tax planning, or wealth preservation. For larger and more complex estate, an estate planning attorney is an absolute must. 

Contact a Kendall County, IL Asset Protection Lawyer

With advanced real estate skills and more than 20 years of estate planning experience, Attorney Sean Robertson works closely with clients in Yorkville and Kendall County to design trusts that match their financial goals. Whether you are seeking a straightforward probate-avoidance trust or a comprehensive plan for long-term wealth management, you will receive tailored advice focused on your priorities.

Your estate plan should be customized to your life, your assets, and your goals for the future. At Gateville Law Firm, we offer free consultations to help you decide whether a basic living trust is sufficient or whether a comprehensive wealth-building living trust will better protect your family. Contact our Yorkville, IL estate planning attorney today at 630-780-1034 to begin planning with confidence.