Yorkville Living Trusts Attorney

Yorkville Living Trusts Lawyer Serving Kendall County

There are multiple options available to a family that is looking to create a comprehensive estate plan. While a last will and testament can address some of the basic issues related to how assets should be distributed to a person's beneficiaries, trusts often provide a better way to protect assets, use them for specific purposes, and ensure that a person and their loved ones will be provided for. Living trusts are some of the most commonly used types of trusts, and with the assistance of an experienced lawyer, a family can determine their best options for managing and distributing their money and property.

At Gateville Law Firm, we work with families to ensure they understand the best ways to use trusts and other estate planning tools. We can provide guidance on matters related to living trusts and other types of trusts, and we can make sure the proper procedures will be followed when creating, funding, and administering a trust. We work closely with our clients to create comprehensive estate plans that address their unique needs and goals.

What Is a Living Trust?

A trust is a legal agreement in which the original owner of property (who is known as the settlor or grantor) gives ownership of their assets to another person or entity (known as the trustee), who will hold it and distribute it to another person (the beneficiary). After a trust is created and funded, the trust itself will own the assets. Depending on whether a trust is revocable or irrevocable, assets may be protected from creditors, abusive family members, or other parties, and the settlor may provide specific instructions on when and how their money or property should be transferred to different beneficiaries.

With a living trust, the settlor retains the right to revoke or modify the trust at any time, and they will usually also be the trustee, which will allow them to manage and control their assets. The settlor may also name themselves as a beneficiary, allowing them to use the assets in the trust for certain purposes during their lifetime. The grantor will also name a successor trustee who will assume control of the trust after their death or in the event that they are no longer capable of managing the trust's assets. Any remaining assets may be distributed to the trust's beneficiaries after the death of the settlor.

Living trusts provide a great deal of flexibility and control for a grantor. In addition to ensuring that they will be able to access assets when needed, they can provide detailed instructions on how their money and property may be used as they reach an advanced age, such as to pay for home caretakers or residence in an assisted living facility. They can use the trust's assets to provide for their loved ones at any time, such as to assist a family member with the costs of a college education.

A person can also make sure their assets will be distributed properly to their loved ones after their death. Since the terms of a trust are private and confidential, and assets may be passed to beneficiaries without the need to go through the probate process, a trust can allow a family to address issues related to a person's estate quickly and efficiently.

Contact Our Kendall County Living Trusts Lawyer

Creating a living trust is a complex process, and it is important to have the assistance of an experienced estate planning lawyer. Gateville Law Firm can help you understand your options and make sure that a trust will be properly created, funded, and administered. Contact our office today at 630-780-1034 to schedule a free consultation with an estate planning attorney. We provide flat-fee legal services to 99 percent of our clients.