Lake County Trust Administration Lawyers

Skilled Attorneys for Managing Trusts in Libertyville and Waukegan, IL

There are several ways in which a person can arrange for his or her assets to be transferred to selected heirs and beneficiaries after the person's death. For relatively modest estates, a will might be sufficient, but the process of probate may be required before the person's heirs can receive their inheritances. For larger estates or more complex situations, trusts may be a better option, and there are many different types of trusts that could be used. At Newland & Newland, LLP, our experienced attorneys understand the importance of establishing and administering trusts properly to ensure that the estate, the decedent's legacy, and the rights of named beneficiaries are fully protected.

The Benefits of Trusts

Regardless of the type of trust, all trusts have the same basic structure in that they are financial arrangements that are set up to hold property for the benefit of an intended recipient or recipients. The person who establishes the trust is called a "grantor" and the recipients are called "beneficiaries." A "trustee" is the person or entity selected to manage the assets in the trust for the benefit of the beneficiaries. Once a trust is funded, the assets it contains are considered to be owned by the trust and, in most cases, are exempt from probate upon the grantor's death.

Common types of trusts used for estate planning include:

• Revocable living trusts;
• Land trusts;
• Irrevocable trusts;
• QTIP trusts;
• Supplemental needs trusts, also known as special needs trusts;
• Testamentary trusts;
• Dynasty trusts; and
• Children's trusts.

Depending on the size and nature of a person's estate, he or she may elect to establish several different trusts, with each one serving a distinct purpose.

Trust Administration Attorneys Serving Arlington Heights

Because the assets in a trust do not usually pass through probate, it is up to the trustee to distribute them to the beneficiaries in accordance with the terms of the trust and applicable laws. If you have been selected to serve as a trustee, you may have many questions about your assigned duties and responsibilities. At Newland & Newland, LLP, we will work with you in all aspects of trust administration including:

• Compiling a list of all of the assets owned by the trust and their current disposition;
• Evaluating the trust's assets, including real estate holdings and other investments;
• Calculating income tax and estate tax liabilities;
• Filing state and federal estate tax returns within the required timeframe, as applicable;
• Distributing the trust's assets to named beneficiaries according to the provisions of the Trust Agreement;
• Accounting for expenditures and decisions made during the administration process; and
• Acting in the best interest of the trust's creator and the creator's estate.

Our attorneys can also help you defend against claims of breach of fiduciary responsibility and other allegations of impropriety. With more than 60 years of combined experience, we are equipped to assist you, regardless of the difficulties you may be facing.

Contact an Illinois Estate Administration Lawyer Today

Administering a trust as a trustee can be challenging, but help is available. Contact our office to discuss your situation and to get the guidance you need. Call 847-549-0000 for a free phone consultation at Newland & Newland, LLP today. Our attorneys represent trustees and other fiduciaries in Libertyville, Waukegan, Gurnee, Grayslake, Mundelein, Vernon Hills, Lake Bluff, North Chicago, Arlington Heights, Lake County, and throughout Northern Illinois.