The Law Offices of Laura D. Frye Ltd. recognizes the consequences of improper estate planning. Do not leave your final wishes to chance. When you need help establishing or updating a trust, living trust or special needs trust, choose a lawyer with a reputation for excellence. Laura D. Frye in Gurnee IL. is willing, able and ready to help you.
Helping Clients Understand Different Types Of Trusts
A trust is a document that manages your property in life and after your death. A trust acts as a haven for a multitude of assets and lays out your wishes for asset handling and distribution. In Illinois, all trusts are governed by the Illinois Trusts and Trustees Act. Trusts can also be used for asset protection to help shield your assets from exposure to lawsuits.
Trusts are either revocable or irrevocable. A revocable trust, also known as a living trust, can be dissolved or amended at any time during the life of the grantor. The grantor is the person who creates the trust. An irrevocable trust cannot be changed after execution. Laura D. Frye will advise you on all options and explain the implications for each choice.
Some common types of trusts include, but are not limited to:
- Testamentary Trusts
- Living Trusts
- Special Needs Trusts
- Children’s Trusts
- Family Trusts
- Marital Trusts
Providing Living Trust Guidance -- Licensed in Illinois & Wisconsin
One of the most desirable aspects of a living trust is fast and efficient provision for you and your loved ones in the event of your incapacitation or death. Other benefits include the exclusion of probate court, privacy of estate details, asset protection, and flexible options for trustee succession.
A properly established living trust is funded, enforceable and considers your unique family dynamics, such as a need for long term care or providing for dependents. Laura D. Frye can help you create a living trust that makes sense for you and your family.
Understanding Revocable Trusts
A trust is an agreement between the person who creates the trust (its “grantor”) and the person who holds property transferred to the trust by the grantor (its “trustee”) for the benefit of third parties (the “beneficiaries”). People who create revocable trusts for estate planning purposes typically name themselves as the initial trustees and the initial beneficiaries. They name family members or others as successor trustees and remainder beneficiaries. The grantor transfers assets to the trust during the grantor’s life. The trust then holds the assets for the grantor’s benefit during his or her life (including during any period of disability) and then either holds those assets for the benefit of remainder beneficiaries or distributes them to those beneficiaries. With a revocable trust, the grantor may change the trust at any time and in any manner during the grantor’s life. When the grantor dies, the trust lives on to complete the next phase of the grantor’s estate plan.
Advantages of a Revocable Trust
The Law Offices of Laura D. Frye recognizes that planning with a revocable trust offers the following advantages when compared to a plan based on a will alone:
- It permits your trustee to minimize your estate administration expenses by avoiding probate
- It provides a seamless transition for the ownership and administration of your property as you transfer it to your beneficiaries
- The trust centralizes the control of, and dispositive provisions pertaining to, your assets
- It plans for your possible disability in a manner that will better enable your family to avoid guardianship proceedings
- It protects the privacy of your estate plan because, unlike a will, a trust is not required to be filed with any court after your death
- It can be used to create some creditor protection for spouses and other family members by withholding funds for those individuals within the trust.
We can help you determine if a revocable trust is right for your circumstances. Where it may not be the most desirable alternative to you, we will offer other alternatives.
What Is A Special Needs Trust?
A special needs trust is a viable option for those who are developmentally disabled. One of the greatest advantages of setting up this type of trust is that it will not disqualify your loved ones from also receiving additional government benefits such as Supplemental Security Income (SSI) and Medicaid. Laura D. Frye can help you structure the trust to suit the needs of your loved ones, safeguarding their future and providing you with peace of mind.