At the Law Offices of Nick Kulagin, our estate planning lawyers have 15 years of experience assisting residents of DuPage and Kane Counties with devising a wide range of instruments. We can work closely with you to establish a trust that helps protect your assets for future generations. Our Wheaton attorneys understand the importance of taking this step and can provide advice that is tailored to your circumstances.Creating a Trust in Illinois
A trust is a legally binding agreement among a grantor, a trustee, and beneficiaries. The grantor, who owns the assets, transfers them to a trust. The trustee, typically named by the grantor, oversees the trust and property distribution. The trustee should be someone who has the necessary background to properly manage the trust. The trustee should also remain neutral when distributing assets to the beneficiaries. The trust beneficiaries receive the assets from the trust in accordance with the terms of the trust. The terms of the trust outline how its contents are to be maintained and distributed. The terms must be in writing and signed by the grantor.
Under the Illinois Trusts and Trustees Act, a will, deed, agreement, declaration, or other written instrument can create a trust. There are a number of different types of trusts, such as living trusts, credit shelter trusts, A/B trusts, marital trusts, special needs trusts, and family trusts. The type of instrument that is best for you will depend on your specific needs.
A revocable trust can be modified during the life of the grantor. As long as the grantor is competent, he or she may change the terms of the trust or revoke it altogether. It is important to note that assets in a revocable trust may be subject to estate tax at death. Alternatively, an irrevocable trust cannot be altered once it has been created. However, the assets are not generally subject to estate tax when the grantor dies.
Unlike a will, which is a public document that must be filed with the court, a trust is private. As a result, details about an individual’s estate are not public disclosures. Since the assets put into a trust are not in the grantor’s name, these assets are not subject to probate laws. Instead, upon the grantor’s death, the trustee may immediately distribute the assets according to the terms of the trust. In sum, a trust transfers assets to beneficiaries while avoiding probate and decreasing estate tax consequences.Seek Guidance from a Lawyer in Kane or DuPage County
The dedicated attorneys at the Law Offices of Nick Kulagin can craft a will or trust for individuals throughout Kane or DuPage Counties. We can provide cost-effective estate planning to each and every client. It is never too early to start planning for your future. Our team can meticulously examine your situation and determine whether a trust may be appropriate to meet your financial goals. We are here to answer your questions and address your concerns throughout the legal process. The Law Offices of Nick Kulagin also assists people in Naperville, Hoffman Estates, Oak Park, and Geneva, among other communities. Call us at 630-480-6399 or contact us online to schedule a free consultation.