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Trusts

 Lake County Trust Lawyers

What is a Trust?

A trust is a legal property interest held by one person for the benefit of another. The person who holds the legal property interest is called the trustee. The person for whom the property is being held is called the beneficiary. The person establishing the trust is called the grantor. A trust can be revocable or irrevocable. Revocable trusts may be changed or terminated by the grantor at any time and for any reason. A irrevocable trust, once established, cannot be terminated or altered by the grantor for any reason. A trust designed to go into effect upon your death is called a testamentary trust. However, experienced estate planning attorneys often use living trusts, created while you are still alive, as a way to avoid probate and its associated costs. Living trusts morph into irrevocable trusts if terms continue following your death.

Trusts allow the trustee to direct or control the property or other legal rights that are in the trust. Trustees have a legal duty to make decisions regarding the trust property in the best interests of the beneficiary.

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What Are the Benefits?

As essential as a will or durable power of attorney, trusts are the Swiss Army Knife in any estate planning toolkit. In fact, there are simply too many different trusts used in estate planning to list in full. But all that really means in terms of our discussion here is that there is an even longer list of potential benefits.

Trusts are used with great flexibility for intergenerational wealth transfers, for federal estate taxes or income tax, for providing a consistent stream of income for your family and asset protection.

One of the best reasons for using trusts as part of your estate plan is privacy. No one has to know the details of what you do with your estate. A trust can ensure that. Once established, our trust administration attorneys continue to work with you on managing the trust in the years ahead.

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Types of Trusts We Establish:

500 Skokie Blvd. Suite 350, Northbrook, IL 60062 PH: 847.770.6600
FAX: 847.770.6601