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Revocable Living Trust Attorneys in Lake County

North Chicago Living Trusts Lawyers

Libertyville Estate Planning Lawyers for Creating Living Trusts

At Newland & Newland, LLP, we help individuals and family with the often challenging process of creating an estate plan. Our experienced lawyers recognize that there are a wide range of factors that must be considered as you make choices about the future of your assets and investments. With our knowledge of the law and our dedication to our clients, we are equipped to help you develop an estate plan tailored to meet your unique needs and those of your family.

You are probably familiar with a will as an instrument of estate planning, at least at a basic level. You may also have heard of trusts. There are many different types of trusts that can be created to protect assets and transfer them from one party to another, but one particular type of trust is especially common in estate planning. When established and managed properly, a revocable living trust offers a number of potential benefits and advantages.

Understanding Revocable Trusts

A trust, by definition, is a legally recognized arrangement that gives a designated person or entity, called a "trustee," authority to manage the assets owned by the trust. The person who creates the trust—the "grantor"—transfers ownership of his or her assets to the trust so that they can be protected and distributed in accordance with his or her wishes. Assets that are transferred to the trust are generally exempt from the probate process following the death of the grantor.

With a revocable living trust, the grantor is permitted to make changes to the terms of the trust anytime he or she wishes to do so. In most cases, the grantor will also remain the primary trustee, with full authority over the assets owned by the trust. Upon the grantor's death, a successor trustee will take over, and the new trustee will be in charge of the carrying out the provisions set forth in the trust agreement.

Possible Benefits of a Revocable Trust in Illinois

At Newland & Newland, LLP, our experienced lawyers understand that a revocable living trust can offer advantages over a will in many situations. The two tools, however, are often used in conjunction with one another. Compared to a standard will, a living trust usually facilitates a smoother, faster transfer of property to your beneficiaries. Because the trust's assets typically bypass probate, the successor trustee can start distributing your assets to your named beneficiaries right away.

Trusts also offer a greater degree of privacy than wills do. Before the provisions of your will can be carried out, the entire will must be verified and accepted by a probate court. This means your will becomes public record. By comparison, the terms of a trust only become public if the trust is challenged formally in court.

Another advantage of a living trust is that it can become effective the moment that it is signed and funded. This means that you can use a revocable living trust to plan for a possible disability or incapacitation during your lifetime. A will, on the other hand, has no power whatsoever until the death of its creator. It is also possible to include creditor protections for your beneficiaries in the terms of the trust. Our attorneys will help you analyze your situation and work with you in creating trust provisions that will best serve your family's needs.

Contact a Lake County Living Trust Attorney

If you have questions about revocable living trusts and how one might help you protect your family's future, contact our office. Call 847-549-0000 for a free consultation with a member of the team at Newland & Newland, LLP today. We serve clients in Libertyville, Waukegan, Vernon Hills, Grayslake, Gurnee, Mundelein, Lake County, and the surrounding areas.

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