Revocable Living Trust Illinois

Living trusts in illinois.

Revocable living trust illinois.

The illinois revocable living trust is an entity into which a person places their assets to save the inheritors the long and costly probate process in illinois. The use of a living trust is an important estate planning option. Illinois does not use the uniform probate code which simplifies the probate process so it may be a good idea for you to make a living trust to avoid illinois s complex probate process. Simply executing a living trust will not materially affect the disposition of your assets will not save estate taxes and may not reduce administration costs after your death.

In the absence of a revocable living trust or a power of attorney a guardianship proceeding would be necessary to grant the ability to manage the disabled individual s affairs. A trustee is chosen. Unlike a will which takes effect upon a person s death when an individual uses this kind of estate planning it goes into effect during their lifetime. These can often be costly time consuming and stressful for the disabled individual s family.

A living trust is created by a trust agree. A living trust unlike a will which only becomes effective upon your death a living trust also called a grantor trust or an inter vivos trust goes into effect during your lifetime and in the vast majority of cases is revocable capa ble of being changed amended or terminat ed. The average cost for an attorney to create your trust ranges from 1 000 to 1 500 for an individual and 1 200 to 1 500 for a couple. Illinois has a simplified probate process for small estates under 100 000 excluding real estate.

Using an attorney means that the trust will be completed correctly but the associated fees can greatly increase the cost of creating a living trust. Aside from avoiding probate the grantor person who establishes the trust has continued access to their assets if they become incapacitated in any way. Illinois irrevocable living trust form. Some illinois residents choose to plan their estates and get their affairs in order using revocable living trusts.

While a living trust can serve a number of valid purposes it is generally not the only answer. An illinois living trust is created during the grantor s life. A revocable living trust illinois may be right for you. An illinois living trust is a document that allows the recipient s of a deceased individual s assets to avoid the court supervised probate process implemented after a person dies the initial creator of the trust referred to as the grantor will transfer property and assets to the trust and outline specific instructions for what shall be done with said property and assets when they die.

Download this illinois irrevocable trust form which allows you to set aside property for the benefit of others your beneficiaries.