What Is A Revocable Living Trust?
A trust is a legal document that allows you to control how your property and assets are managed during your lifetime and distributed to your beneficiaries. Multiple different types of trusts can be used as part of an estate plan, and a living trust can be an especially beneficial tool that will provide flexibility and control over your assets while ensuring that you can provide for the needs of yourself and your loved ones. An estate planning lawyer can provide guidance on the best ways to use revocable living trusts, and they can ensure that these types of trusts will be created and managed correctly.
The Marques Eason Law Group provides legal help with multiple different aspects of estate planning, and we work to ensure that our clients have the tools they need to protect their financial interests and provide for the needs of different family members. We can help with creating and managing revocable living trusts, and we can offer advice and guidance on how a family can ensure that they are fully prepared for whatever may happen in the future.
Benefits of Revocable Living Trusts
When a person creates a trust, they will transfer assets into the control of the trust and provide instructions for how assets should be distributed to different beneficiaries. A person known as the trustee will manage the trust and oversee the process of distributing assets. With a living trust, the trust creator (also known as the grantor or settlor) will usually be able to serve as the trustee, and they may also be a beneficiary. This will allow them to retain control over their assets and make sure their own needs will be provided for. They will also name a successor trustee, and that person will take over management of the trust after their death or incapacitation.
A living trust takes effect immediately upon creation and it is usually revocable, meaning that it can be modified or dissolved at any time. The grantor may use the assets in the trust to cover certain expenses for themselves, such as costs related to assisted living or other forms of care they receive later in life. They may begin distributing assets to other beneficiaries at any time, either before or after their death, and they can provide detailed instructions for when these distributions will be made, how assets will be used, and any requirements that beneficiaries will be required to meet.
Living trusts are commonly used in estate planning as a way to avoid probate, which is the legal process of distributing someone's assets after they die. Probate can be a lengthy and expensive process, so passing assets to beneficiaries outside of this process can save both time and money. Assets in a living trust can be quickly and efficiently distributed to beneficiaries without the need for court oversight. In addition, living trusts offer greater privacy than wills. When a will is filed in probate court, it becomes part of the public record. Trusts, on the other hand, are completely confidential, and the transfer of assets to beneficiaries will be kept out of the public eye.
Contact Our South Side of Chicago Revocable Living Trust Lawyer
Living trusts are an increasingly popular choice for those who are looking to plan for their future. They allow a person to maintain control over their financial affairs, provide for their own needs, and ensure that their money and assets will be used correctly to help their loved ones. Because they are revocable, living trusts can be modified when necessary to meet a family's changing needs.
When creating a living trust, it is important to work with an experienced estate planning attorney. At The Marques Eason Law Group, we can help you take the proper steps to create and fund a revocable living trust, and we can also advise you on the other types of estate planning tools that will provide the benefits you are looking for. To learn more about how we can help you create a comprehensive estate plan, contact us at 773-973-3755 and arrange a consultation today.