Planning a trust can initially feel confusing, especially when it is part of an estate plan that already includes a willl. The reality, though, is that setting up a trust can be a very effective way to manage and transfer property or other assets. Whereas a will is a plan that is only executed after you pass away, some trusts can take effect while you are still living.
At A. Traub & Associates, our Lombard, IL estate planning attorneys can help you set up a trust and appoint a trustee. We favor a personal approach for estate planning, tailoring our strategy to suit your long-term goals. We also have over 100 years of combined attorney experience, so you can rest assured that your case will be handled by a seasoned team.
What Is the Purpose of a Trust?
The state of Illinois allows a trust to be “created by a will, deed, agreement, declaration or other written instrument.” State law says that the person establishing a trust may indicate any rights, powers, duties, or limitations applicable to the chosen trustee when establishing the trust (760 ILCS 3/103; 760 ILCS 3/105). Additionally, the grantor (the person creating the trust) may also specify any immunities for the trustee or beneficiary.