A trust is a legal entity that lets you control the assets within it during your lifetime with a specific objective, such as funding a charity or transferring assets to an heir. Trusts offer numerous benefits when your Arlington Heights revocable trust attorney creates them in compliance with state laws.
Our Arlington Heights revocable trust attorney at Plan Forward Legal will help you determine if this type of trust is beneficial to you and how it may work to protect your assets. Set up a consultation to start the conversation with our Arlington Heights estate planning attorney today.
How a Revocable Trust Works
Often called a living trust, a revocable trust allows you to put in place specific terms to manage assets during your lifetime and after. This particular type of trust allows you to make changes to the trust itself and the terms of it during your lifetime. That means you can establish a trust, move assets into it, and make changes over time. With this type of trust, you can:
- Avoid probate. This trust will bypass the probate process, shielding the assets within the trust from public court processes.
- Create specific rules about the assets in the trust. You may wish for your family member to receive the funds in the trust at a certain age or to transfer ownership of the business to another person at the time of your death.
- Gain support for your assets if you suffer a disability. In the event of incapacitation, the person you named as the trustee has the ability to make decisions for those assets on your behalf, following your pre-established wishes.
- Move assets to others easily after death. The transition of the assets within your trust to others you name is fast and efficient after your death, meaning they gain access to the funds sooner, if you elect that to be an option.
- Make changes to your decisions over time. A revocable trust also allows you to make changes to the assets within the trust, the people named as beneficiaries, and the goals of the trust.
You can fund a trust with a variety of types of assets and still control those assets throughout your lifetime. If you have investment accounts, real estate, or other valuables, and you have very specific objectives for after your death, then a trust can serve as an excellent solution.
Using a Trust to Provide for a Person with a Disability
Another way a revocable trust attorney in Arlington Heights can help you is by creating a trust specifically for the benefit of a person with disability. If a person you wish to leave assets to has a disability of any type, you can use a trust to help with the management of those assets after your death. With the help of an Arlington Heights revocable trust lawyer, we can build rules and requirements into the trust to aid with money management.
This happens because the trust will have a named trustee, a person responsible for overseeing the trust assets according to the directions you establish. A trustee ultimately decides when and how the funds are transferred to the beneficiary, based solely on your direction and their understanding of how to follow it.
For a person who has a disability or a person who may not be as careful with spending as you would like, this type of structure provides protection. We can also create a special needs trust that protects assets from consideration for a person with a disability who may also benefit from government assistance. Setting up a revocable trust with our team at Plan Forward Legal gives you the flexibility to make changes as you see fit.
When to Turn to a Revocable Trust Attorney Near Me
A revocable trust provides numerous benefits in its ability to govern assets after your death. There are several situations where this type of trust may work specifically for you.
- You wish to keep the details of your estate private. A will cannot do this. It still goes through the probate process, documenting the intimate details of your estate in the public record.
- You want to avoid the cost of probate. Probate can be a long and costly process, and those costs come out of the assets you leave behind. A trust simplifies the process, allowing you to name those you wish to receive them.
- You wish to provide for minors or those who need additional support. A revocable trust can help to preserve valuable assets for your minor children, allowing the person you name to govern those assets for your child until they can do so themselves.
- You expect to have physical or mental disability in the future. A revocable trust lets you outline your wishes for how to manage the assets within it. You can establish those terms and conditions now. Should you become mentally or physically incapacitated, your trustee has the responsibility to act on your wishes.
- You do not need to reduce your taxable income. One of the differentiating factors between a revocable and an irrevocable trust is that there is no asset protection in a revocable trust. The assets are still yours, which means they could be accessible to creditors and divorce proceedings.
Setting up a revocable trust allows you to clarify your objectives for what happens to your assets as well as who will receive them and when. It can become one of the most important tools available for protecting your wishes. Our revocable trust lawyer in Arlington Heights can help you to structure a trust right away. Illinois trust laws (760 ILCS 3/ Illinois Trust Code)apply in all situations, and your lawyer knows how to navigate them.
How to Get a Revocable Trust Lawyer Near Me
Set up a consultation with our Arlington Heights revocable trust attorney at Plan Forward Legal now. When you do, we will provide you with an honest and transparent review of your legal options. Expect our team to be highly helpful and dedicated to creating the best possible outcome in your situation. Contact us now to learn how we can help you.