Lawyers Crafting Revocable Trusts in Sugar Grove, Illinois

Kane County Estate Planning Attorneys

A common concern for many Kane County residents is how they will plan for a more secure future. You may set up retirement funds, create power of attorney documents, and discuss your wishes with your loved ones. An essential step in planning for the future is planning your estate. Preparing for a time after your death may be difficult, but it is important for ensuring your loved ones are provided for after you pass away. Creating a trust is a straightforward and financially savvy way to plan your estate.

Benefits of a Revocable Trust

Depending on how you want your estate distributed, different options will have different advantages. Many people benefit from creating revocable trusts. A revocable trust is a type of living trust, which is created during your life. Unlike a will, a living trust takes effect before your death. This means that the property intended for your beneficiary will be placed in trust while you are alive.

A major benefit of living trusts is they allow your estate to avoid probate. The probate process, during which the court administers the deceased's estate, can be long and arduous. Property held in trust at the time of death is not subject to probate. As such, your beneficiaries can receive their intended portion of your estate via trust sooner. Furthermore, your loved ones can avoid the cost of probate.

Another benefit specific to revocable trusts is that you can change the trust; thus the name "revocable" trust. That is, you can revoke your beneficiary's interest in the trust, and make alterations as you see fit. You may choose to add beneficiaries to the trust. Or, you may choose to change what asset goes to which beneficiary. Certainly, you can remove a beneficiary from the trust. Under Illinois law, revocable trusts provide a great amount of flexibility. You can create this type of trust at any point in your life, and know that as your life changes, your revocable trust can change as well.

Establishing Your Trust

Creating a revocable trust establishes an important legal relationship between you, the grantor, and two other parties: the trustee and the beneficiary. The trustee is charged with managing trust assets until your death. However, with a revocable trust, you can act as your own trustee. As trustee, you can add assets to the trust, invest trust assets to grow, and otherwise manage the trust. The beneficiary, of course, will receive the trust assets after your death as specified in the trust.

Call Kane County Estates Planning Lawyers

The experienced Illinois estate planning attorney at the Law Office of James F. White, P.C. has over 20 years of legal experience. We have helped countless Kane County residents plan for the future. During your free consultation, we will explain your legal options. Our team is dedicated to finding the right estate planning solution for you. Contact us today at 630-466-1600 to schedule your appointment.