Chicago IL Living Trusts Attorney
When building and legally securing your estate, a living trust can be fundamental. In short, a trust is a basic written property agreement where a “grantor” transfers property to a “trustee” for the benefit of specifically named “beneficiaries.” For a living trust, the “grantor,” who is also the creator of the trust, also serves as the trustee while he/she is still alive.
In other words, when you create a living trust as part of your Illinois estate plan, you are essentially holding the legal title of property for your named beneficiaries. Creating a living trust has numerous benefits in regards to Illinois estate taxes, avoiding probate, and more, but there are a few cons as well.
If you are planning on using a living trust with your estate, it will be helpful to talk to a Chicago IL living trusts attorney to evaluate your wishes and needs and help determine if a living trust is the right way to go. With decades of experience as a Chicago estate planning attorney, James C. Provenza is confident that he can help you create an ideal estate plan specific to your needs.
Benefits of a Living Trust in Illinois
One of the crucial benefits of a living trust is to spare your family from having to endure the expenses and the delays posed by probate courts and litigation. Probate cases can take months as the judge diligently makes sure that the heirs to the estate get what they are entitled to, and for the most probate cases, the fees involved generally range from two to three thousand. Other benefits of a living trust include:
- Protecting against disability or incapacitation – If the creator of the living trust were to become disabled, ill, or mentally incapacitated and no longer capable of handling his/her finances and/or property (and the doctor prepares a written statement declaring the grantor’s incapacitation), then the back-up trustee named in the living trust is able to quickly and simply take over the finances and/or property. Without a living trust, the family may have to go through the guardianship process, which is expensive, long, and can be embarrassing.
- Emphasis on privacy – A living trust is completely private from public view. It is not filed anywhere and notices are only sent out to the people named to inherit under the trust.
- Estate tax savings – In 2015, the estate tax-free amount in Illinois was over $5 million. Therefore, if your estate is less than this amount, then you may not have to worry about this tax. If your estate is larger than the exemptions amount, and you’re married, then a living trust may allow you to double the estate tax-free amount.
Keep in mind that living trusts are not ideal in some cases. A few negative aspects of a living trust include the costs related to the trust and the complications associated with funding the trust.
Contact Attorney James C. Provenza for Your Living Trust
In order to create a legally binding, strong living trust that can cover most unforeseen circumstances as well as potential complications, it is advised to have a Chicago living trusts attorney at your side. With James C. Provenza as your attorney, we will extensively discuss whether or not this plan is right for your situation and your estate. If so, we’ll aim to make sure that all your wishes for the living trust are fulfilled, from the initial drafting and filing to the actual transfer of assets. To speak with Chicago attorney James Provenza, you can call our estate planning law firm today at (847) 729-3939.