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Trusts 101

A revocable trust is the cornerstone of a well developed estate plan. The trust is a fiduciary arrangement in which the trustee holds assets on behalf of the beneficiaries. Revocable living trusts are useful for a number of reasons, including ensuring that assets are distributed according to your wishes, avoiding or limiting probate, maintaining the privacy of your distribution plan, and allowing a successor trustee to manage your assets for your benefit in the event you become incapacitated. While you are living, you can amend or terminate your revocable trust to reflect your intentions.

What Parties Are Involved in a Trust?

In order to properly function, trusts involve three distinct parties. You may serve as grantor, trustee, and beneficiary while you are living in order to update and maintain control of your revocable trust.

  • Grantor: The grantor establishes the trust (by signing the declaration of trust), and funds the trust by transferring property to the trust.
  • Beneficiary: The assets of the trust are held on behalf of the beneficiaries of the trust. The trust document dictates the standards upon which the trustee can make distributions of the trust assets to the beneficiaries.
  • Trustee: The trustee manages the assets of the trust for the benefit of the beneficiaries. You can act as trustee of your revocable trust while you are living, so that you have control over the assets and terms of the trust. Upon your incapacity or death, a successor trustee will manage your assets according to the provisions of the trust document. Both individuals and corporate entities, such as banks, commonly serve as trustees.

What Types of Trusts Are There?

We will help you create one or more trusts to fulfill your individual desires, needs, and circumstances. Common types of trusts include revocable trusts, irrevocable trusts, insurance trust (ILITs), special needs trusts, charitable trusts, and gift trusts for your children or grandchildren.

Advising You Through Every Step

The trust attorneys at Russo Law Offices LLC have extensive experience in assisting clients with estate planning. While tomorrow is never guaranteed, what happens to your property can be. We serve clients throughout Illinois with all estate planning needs. Email us at our Hinsdale office today or call 630-560-1010 to set up a consultation. Evening and weekend hours are available upon request. You can also schedule an appointment here.

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