What Is a Revocable Living Trust?
In the state of Illinois, a revocable living trust enables you to oversee and allocate your assets both while you’re alive and after your passing, all while maintaining the ability to modify or dissolve the trust. This estate planning tool is widely used to manage assets effectively, avoid probate, and potentially reduce estate taxes.
Metz & Jones LLC provides estate planning services in Cook County and throughout Illinois. We cater specifically to the unique needs and circumstances of lesbian, gay, bisexual, and transgender individuals and couples.
If you’re wondering, “Do I need a lawyer for a living trust?” you’re not alone. While it’s not absolutely mandatory, it’s highly recommended that you hire an estate planning lawyer to help you manage all aspects of a living trust. Creating a trust can be complex and we help ensure your wishes and legacy are respected during and after your lifetime.
If you’re ready to build an estate plan and set up a revocable living trust in Illinois, contact our law firm today. Our lawyers are ready to help you protect your assets and family members.
Why Hire a Revocable Living Trust Attorney in Chicago?
Creating a revocable living trust in Illinois requires knowledge of state-specific laws and proper documentation. Working with an experienced Illinois revocable living trust attorney ensures your trust meets legal requirements and protects your assets.
Our trust attorneys provide essential services including understanding Illinois trust laws, tax implications, and proper funding procedures. Without legal guidance, common mistakes can include improper asset transfers, unclear beneficiary designations, and poor coordination with estate documents.
Our will and trust attorneys in Chicago offer comprehensive living trust services. We evaluate whether a living trust meets your needs, draft legally sound documents, and guide you through asset funding. We ensure coordination with wills, powers of attorney, and other estate planning documents.
Our legal team also provides ongoing support as life changes. We help modify your Illinois revocable living trust for marriage, divorce, children, or new assets, ensuring continued protection for you and your beneficiaries.
What Is a Living Trust?
A living trust is a legal arrangement created during a person’s lifetime to hold and protect assets, directing how those assets are managed and distributed both during their life and after death. It helps avoid the probate process, which can be lengthy, public, and costly.
A living trust is managed by a trustee for the beneficiaries chosen by the trust creator (the grantor). Living trusts can be either revocable or irrevocable.
What Is an Irrevocable vs Revocable Trust?
An irrevocable trust offers certain advantages, but the grantor cannot “undo” the trust, tap into its contents, or alter the terms. Those assets are walled off for the future benefit of the designated beneficiaries.
A revocable trust holds assets at arm’s length from the person’s estate, but it is not set in stone. During your lifetime, you can change the terms, change the contents of the trust, or revoke it in full.
Example of a Revocable Living Trust
As an example, one couple established a trust fund for their son’s education. Over time, it became apparent he would not be attending college, but that he had a knack for business. They changed the terms of the trust to provide startup funding for their son’s small business.
Key Aspects of a Revocable Living Trust
Understanding the fundamental features of a revocable living trust helps you make informed estate planning decisions in Illinois.
- You maintain complete control over trust assets during your lifetime and can modify or revoke the trust at any time.
- Assets placed in the trust avoid probate court proceedings, allowing faster distribution to beneficiaries.
- The trust becomes irrevocable upon your death, providing clear instructions for asset distribution.
Benefits of a Revocable Living Trust
A revocable living trust offers significant advantages over traditional wills for many Illinois families.
- Privacy protection since trust documents remain confidential, unlike wills that become public record through probate
- Potential cost savings by avoiding lengthy and expensive probate court processes
- Continuity of asset management if you become incapacitated, with your chosen successor trustee stepping in seamlessly
- Flexibility to make changes during your lifetime as family circumstances or financial situations change
- Peace of mind knowing your beneficiaries can access assets quickly
While revocable living trusts offer comprehensive benefits, they’re not the only option for transferring assets to beneficiaries. For families with minor children, the Uniform Transfers to Minors Act offers a simpler alternative for certain assets. However, these accounts have limitations and lack the control and privacy benefits of a living trust.
Contact Our Chicago Trust Lawyers Today
Our estate planning attorneys in Chicago can establish different types of trusts to meet your unique needs. At Metz & Jones, we have over 40 years of experience working with clients to manage a wide range of legal issues that impact the rights of LGBTQ+ individuals.
To schedule a consultation with a revocable living trust lawyer, call (773) 878-4480 or contact us online. Our office is located in Chicago, Illinois, and we look forward to working with you. For quick additional information, visit our estate planning FAQs page.
Serving the Lesbian, Gay, Bisexual, Transgender Community, and Friends in Chicago, Cook County, & Illinois.