Living Trusts

Living Trust Lawyer – serving Frankfort, New Lenox, Tinley Park, Matteson, Kankakee, Joliet, and the Surrounding Communities

Do you want to control your assets while you are alive, provide for loved ones after you pass, and make the transition as easy for your family as possible?  An Illinois living trust can help you accomplish these goals.

Through a Living Trust, individuals can maintain control of their assets during life, and the trust assets can be transferred to beneficiaries at the time of death in accordance with the terms and conditions of the trust.  Because assets in a trust are not considered to be owned by the person creating the trust, assets in a trust normally bypass probate and are not made public.

At RNH Law, as an Illinois living trust lawyer, firm-founding attorney Ryan Hejmanowski creates customized estate plans that meet each client’s individual needs.  If you are interested in learning more about living trusts or other vital estate planning tools, call our office to schedule a free consultation.

What Is a Living Trust?

A living trust is a legal tool created during an individual’s (the grantor) lifetime that designates a specific trustee who is responsible for managing their assets for the benefit of beneficiaries.  Living trusts are designed to provide for the easy and systematic transfer of valuable assets while bypassing the often challenging and expensive probate process.

A trustee typically has a fiduciary duty to manage trust assets prudently, meaning the trust must be handled in the best interests of the grantor’s beneficiaries.  Upon death, property and assets flow to named beneficiaries in accordance with a grantor’s wishes, as outlined in the trust.  Consequently, court intervention is typically not needed to transfer such trust assets.

How Is a Living Trust Different from a Will?

A living trust is different from a will in several key ways, including:

  • Seamlessly Secures Assets for Minors.  Children (those under the age of 18) cannot typically legally own property. So, the property must be managed by an adult.  When leaving property to a minor, a trustee can manage the property until a child reaches an age determined by the grantor.
  • Avoids Probate.  Probate is a process in which a court oversees the wrapping up of a person’s affairs after they pass away.  This process can take significant time and be exorbitantly expensive, decreasing assets that would otherwise be used for loved ones’ futures.  Property that passes through a living trust does not have to go through probate, meaning it can effectively be distributed to beneficiaries without fees or court intervention.
  • Keeps Privacy after Death.  After death, a will becomes a public document, while a living trust remains private.  This can be highly beneficial for individuals who desire to keep their affairs and assets confidential.
  • Requires Transfer of Property.  To leave property through a living trust, assets must be transferred, and real estate must be retitled to the trust, whereas no transfer of property is required when utilizing a will.
  • Stronger Protection from Court Challenges.  Living trusts are generally considered more challenging to attack successfully than wills.  Thus, if an individual anticipates a contentious battle to ensue after their passing, a living trust may afford more robust protection against court challenges.
  • Avoids conservatorships.  In a living trust, a grantor can name an individual such as a spouse, child, or other trusted individual to manage trust property if he or she becomes incapacitated.

Schedule a Free Consultation with An Experienced Illinois Living Trust Lawyer.

To determine if a living trust is appropriate for you and your family, we welcome you to schedule a complimentary consultation with Illinois living trust attorney Ryan Hejmanowski to learn more about your estate planning options.  RNH Law advises families throughout Northeast Illinois, including Frankfort, Joliet, New Lenox, and Tinley Park.  Call today to get started!

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Please call me at (708) 279-4050 or fill out this form for a FREE Consultation.

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