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Trust Attorney Near Me

Trust Attorney Near Me

Trust and probate administration are the two ways in which assets of a deceased person transfer to heirs, and probate will be a requirement for the process unless the deceased creates and funds a trust. When you are thinking about establishing a trust for your own assets, you will want to work with an Illinois or Indiana trust lawyer who will be able to properly file all of the necessary legal paperwork so you can be confident that all of your final wishes will come to pass.

Again, people specifically design trusts to bypass the probate process, which can save your family considerable time, money, and acrimony. When you establish a trust in conjunction with a will, it is a testamentary trust, and trusts you create during life will be living trusts. 

Types of Trusts

Trusts will be separate legal entities set up by a grantor or creator to manage their assets. A person places various assets inside a trust to be overseen by a trustee. 

A person can also designate one or more beneficiaries to receive property within a trust under certain conditions. The two basic types of trusts include:

  • Revocable Trusts — The revocable trust is also known as a living trust, and a person can change, alter, modify, or revoke the trust during their lifetime. Under a revocable living trust, the grantor, trustee, and beneficiary can all be the same person, and a grantor will have the ability to alter the terms and conditions or revoke the trust at any time. The common purpose of revocable living trusts is to transfer assets to beneficiaries upon a person’s death without having to go through probate.
  • Irrevocable Trusts — Unlike the revocable trust, it is not as easy to alter, modify, or revoke an irrevocable trust once you create it. Although a creator will forfeit some flexibility, irrevocable trusts do have some inherent advantages. For one thing, a person will no longer be the owner of property within the trust. Such considerations will shield the property from creditors while a person is still alive, and upon death, the property may pass to beneficiaries with only minimal estate tax liability.

When you go through a major life change, such as a divorce, you will want to revise or revoke trusts to ensure that appropriate trustee and beneficiary designations will be in place. Spagnolo & Hoeksema, LLC, will work with you to determine your options and most effective legal strategy.

Trust Administration Process

The process of administering a trust can include:

  • When federal estate taxes are applicable, making sure to file federal estate tax within nine months of the death
  • Locating and compiling the inventory of assets in an estate
  • Dividing trust assets into a plan of division
  • Conducting a valuation of any assets as well as potential income and estate tax consequences.
  • Distributing to beneficiaries according to the trust after paying all debts and taxes

Questions to Ask Yourself About Your Trust Needs

Here are some common questions that people should be asking themselves when they are considering formulating a trust:

  • Are you familiar with revocable living trusts, irrevocable living trusts, charitable trusts, and/or special needs trusts? 
  • What is the complexity and scope of the estate? 
  • Do you have minor children or grandchildren that you want to protect and provide for?
  • Who will be your trustee? 
  • Do you want to include pets?
  • What are your intentions in creating a trust, and what are you trying to protect?
  • Do you want distributions to go to individuals, charitable organizations, or both?

Call Us Today to Schedule a Free Consultation with a Trust Lawyer Serving Illinois and Indiana

If you need assistance in establishing a trust or even revising an existing one, make sure to work with legal representation. Spagnolo & Hoeksema, LLC, has a wealth of experience handling these often complicated legal claims.

Our firm knows how important these details can be to many people, so we will take the time to thoroughly examine all of your options and chart the best possible path for your desires. We invite you to call us or contact us online, so you can receive a free consultation, and we can discuss your case further with you.

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