According to a 2022 Wills and Estate Planning study bythe website Caring, about 66.9% of Americans do not have a will or estate plan. While easy to put off, it’s important for everyone to create an estate plan, regardless of their age or wealth.
Knowing your options for estate planning documents is also crucial. When considering which documents to include in your plan, don’t forget to ask your attorney about trusts. Having a trust allows you to preserve your property and assets for beneficiaries and future generations. In addition, a living trust — unlike a will — can be utilized to bypass the lengthy probate process and keep your affairs private.
If you need detailed guidance when drafting your trust or other estate planning documents, consult with a trusted estate planning attorney in your area. My firm – Goldstein Law Office – proudly serves clients across Lake County & Cook County, Illinois, and the surrounding areas of Highland Park, Deerfield, Lake Forest, Antioch, Waukegan, and North Chicago.
As an experienced trusts attorney, I have the knowledge and resources to guide individuals and families through the estate planning process. When you work with me, I will educate you about the benefits of having a trust and help you establish an estate plan that fits your unique needs.
Ready to Get Started?
Overview of Trusts
A trust is a fiduciary arrangement that lets a person (the trustor, settlor, or grantor) grant another person (a trustee or successor trustee) the legal right and authority to hold and manage the trust property for the benefit of the beneficiaries.
The trust property includes assets, property, money, and other items placed in the trust. The trustee or successor trustee will help manage and distribute trust property to beneficiaries in accordance with the provisions of the trust documents.
Furthermore, trusts may be categorized as revocable or irrevocable trusts.
Revocable Trust
A revocable trust can be described as a trust that the grantor is able to amend, terminate, or revoke at any time. During their lifetime, the trustor will hold absolute control over the trust. Upon the grantor’s sudden incapacitation or demise, the trustee will distribute trust property to rightful beneficiaries. However, you cannot avoid estate taxes with a revocable living trust.
Irrevocable Trust
Conversely, an irrevocable trust is a trust that the trustor can’t modify, amend, or revoke without seeking permission from the named beneficiary. Once established and funded, the grantor will give up control of the trust. Hence, assets and property placed in the irrevocable trust would not be subject to estate taxes.
Process of Creating a Trust
Here are the steps involved in creating a trust in Illinois:
- Determine and choose the type of trust you want to create.Â
- Identify the property and assets you intend to place in the trust.Â
- Select a trustee or successor trustee.Â
- Identify and name the beneficiaries of the trust property.Â
- Let an experienced attorney help you create the trust document.Â
- Sign the trust document in front of a notary public.Â
- Change the title of the trust property using a title document.Â
- Fund or transfer assets and property into the trust.Â
An experienced Illinois trusts attorney can fully explain the benefits of a trust and guide you through the legal processes involved in creating one.
Benefits of a Trust
Here are some benefits of creating a trust:
- Protects you against potential critical illness or mental incapacitation.Â
- Helps you bypass the costly and time-consuming court-supervised probate process.Â
- Helps reduce or avoid estate and income taxes.Â
- Allows you to choose a trustee to help hold and manage the trust propertyÂ
- Protects your property and assets from creditors and frivolous lawsuits.Â
- Allows you to choose who will inherit certain property and assetsÂ
- Allows you to keep away assets, money, and resources for minors and future generations.Â
- Helps you manage and control investments and spending sensibly.Â
- Protects beneficiaries and heirs against wastage of resources and poor judgment.Â
- Ensures efficient management of business assets and operationsÂ
- Helps facilitate business succession.Â
An experienced lawyer can help you make informed decisions when establishing your trust and make sure the documents are legal and valid.
How a Seasoned Estate Planning Attorney Can Help
Establishing a trust can help protect your property, assets, loved ones, and investments, and prepare for life’s uncertainties. While this might appear to be straightforward and upfront, it is imperative that your trust meets all necessary legal requirements. Therefore, when considering drawing up a trust, consulting with a seasoned estate planning attorney is paramount to receiving the detailed guidance you need.
For more than four decades, I have devoted my career to guiding clients through the complexities involved in drafting trust documents. As your legal counsel, I can enlighten you about the legal procedures required to create a valid trust and help you navigate crucial decisions. Also, I will work diligently to address and resolve your various estate planning needs and concerns.
Trusts Attorney in Lake County & Cook County, Illinois
If you need assistance establishing a trust, contact me at Goldstein Law Office today to schedule a free and simple consultation. I can offer you the reliable advocacy and detailed legal counsel you need to build an estate plan that matches your goals and the needs of your beneficiaries. My firm proudly serves clients across Lake County & Cook County, Highland Park, Deerfield, Lake Forest, Antioch, Waukegan, and North Chicago, Illinois