IL trust attorneyPeople who want to try to provide for their loved one’s financial future have several options to choose from. One option that we will discuss in this article is called a revocable living trust. Simply put, this type of trust allows for your assets to be managed and transferred to others during your lifetime and after you have passed away. If this is something you might want to pursue, you should speak with a qualified Wheaton, IL estate planning attorney to gain a more extensive understanding of the advantages and legal requirements involved.

What Is Involved in an Illinois Revocable Living Trust?

When someone drafts a revocable living trust (RLT), they are essentially outlining an agreement they have forged with another individual or institution (the trustee). The individual who drafts the trust (the grantor) is transferring ownership of his assets over to the trust. The RLT includes terms for the trustee’s management of this property, with the grantor able to maintain control over everything related to the trust, including what will happen with it after his death.