Lake County Trusts Formation Attorneys

Estate Planning Lawyers for Living, Irrevocable, Land and Special Needs Trusts in Libertyville

If you have concerns about providing for your family's future, the skilled team at Newland & Newland, LLP can help you address them. Our lawyers can assist you in exploring all of the available estate planning instruments that could be helpful in giving your family the security and peace of mind they deserve. We develop legally sound wills, trusts, and other documents associated with a comprehensive estate plan.

For many people, a trust is an appropriate, if not critical, part of the estate planning process. In fact, some estates require a number of different trusts, each with its own specific purpose. Our lawyers have helped many clients in and around Lake County and the rest of Northern Illinois find and establish the right types of trusts. We are ready to put our experience and legal knowledge to work for you. With our background in probate litigation and over 60 years of combined experience, we understand the procedures, language, and details necessary to protect your estate, no matter what happens in the future.

Understanding How a Trust Works in Illinois

A trust is an instrument that can be used to manage assets and property in a variety of applications, including for estate planning purposes. As an estate planning tool, a trust is regularly used to protect a person's property both before and after the person's death.

The person who creates a trust is called a "grantor." When setting up a trust, the grantor will usually transfer assets from his or her ownership to the trust. Once transferred, the assets are owned by the trust. The grantor will also designate a person or entity to manage and maintain the assets owned by the trust. This person or entity is called a "trustee," and trustees are also responsible for carrying out any instructions established in the trust, including distributing the trust's assets to named beneficiaries at the appropriate time.

Most trusts have a similar structure in terms of their grantors, trustees, and funding. There are, however, many different kinds of trusts with varying rules and guidelines regarding their function and purpose. The most common types of estate planning trusts include:

• Revocable living trusts;
• Irrevocable trusts;
• Land trusts;
• QTIP trusts;
• Special needs trusts, also called supplemental needs trusts
• Children's trusts; and
• Testamentary trusts.

Trust Attorneys Serving Waukegan and Grayslake

The type of trust or trusts that might be useful for your situation will depend on a number of factors and considerations. Our attorneys will talk with you about the size of your estate and the nature of the assets it includes. We will also help you take your family's dynamics into account as you decide on how to divide your estate.

Unlike a will, which has no power until the creator's death, a trust can become effective as soon as it is created and funded. In most cases, you can name yourself as a trustee, giving you the authority to continue managing the assets in the trust for the rest of your life. You must appoint a successor trustee or an alternate trustee to take over upon your death or if you become incapacitated, but most trusts allow you to exercise control over your estate despite your assets being "owned" by the trust.

Call 847-549-0000 for an Appointment Today

If you would like to get more information about trusts, wills, and other elements of a comprehensive estate plan, contact our office. Call 847-549-0000 for a free phone consultation and assessment of your situation with one of our experienced estate planning lawyers. We serve clients in Libertyville, Vernon Hills, Waukegan, Arlington Heights, Gurnee, Lake Bluff, Lake County, and throughout Northern Illinois.