Revocable Living Trust Illinois

An illinois living trust is created during the grantor s life.

Revocable living trust illinois.

Living trusts in illinois. 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 revocable living trust form. A living trust is created by a trust agree.

Some illinois residents choose to plan their estates and get their affairs in order using revocable living trusts. 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. Illinois has a simplified probate process for small estates under 100 000 excluding real estate. 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.

The use of a living trust is an important estate planning option. These can often be costly time consuming and stressful for the disabled individual s family. 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 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. 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. A trustee is chosen. Download this illinois irrevocable trust form which allows you to set aside property for the benefit of others your beneficiaries.

It allows you as the grantor to have flexibility in how adobe pdf. Assets are transferred into the ownership of the trust and usually the goal is to transfer as many as possible special accounts like iras 401 k s and keoughs do not qualify. 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. 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 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.