What is a Revocable Living Trust?
A revocable living trust is an estate planning instrument that can set aside wealth while still allowing the individual to maintain access and control. When properly set up and funded, a trust can mitigate bypass probate, maintain privacy, and protect assets from creditors.
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.
You may be wondering – “Do I need a lawyer for a living trust?” While it’s not absolutely mandatory you have one, it’s highly suggested that you do, as the process can be complex and you want to make sure your property falls in the right hands after your passing.
Revocable Living Trusts Attorneys In Chicago
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, also known as a living trust, holds assets at arm’s length from the person’s estate for purposes of probate, 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.
What is the Difference Between a Will and a Trust?
When the beneficiaries of a trust are your minor children, you may wish to delay inheritance until a certain age or milestone. Our attorneys can knowledgeably incorporate stipulations to protect your heirs from creditors, scammers, or an heir’s own reckless excess.
Another benefit of trusts is the privacy they afford. A will is recorded as a public document, but a trust is not recorded or published. No one needs to know the size of your estate or what your heirs received.
Chicago Trust And Estate Planning Lawyers
Our estate planning lawyers can establish different types of trusts to meet your unique goals and needs. We can also address the tax benefits and tax considerations of a revocable living trust.
To schedule a consultation with a Chicago revocable living trusts lawyer at our Lgbt Law Firm in Chicago, call 773-878-4480 or contact us by email. Our office is located in Chicago, Illinois, and we look forward to working with you.
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