Estate Planning and Business Lawyer
Modern Conveniences and Flexible Options

Trust Attorneys in Hinsdale

What Types of Trusts Are There in Illinois?

Common types of trusts include:

  • Revocable trusts
  • Irrevocable trusts
  • Insurance trust (ILITs)
  • Special needs trusts
  • Charitable trusts
  • Gift trusts for your children or grandchildren

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 several 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. Russo Law Offices can assist you with this process.

Interested in learning more about trusts and how they can benefit you and your loved ones? Contact our Hinsdale trust attorneys today at (630) 608-6697.

What Parties Are Involved in a Trust?

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.

The roles of these three parties are:

  • 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.

The trust attorneys at Russo Law Offices 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.

Contact our Hinsdale trusts attorneys today at (630) 608-6697 to set up a consultation. Evening and weekend hours are available upon request.

Efficient and Effective Solutions You Can Trust

  1. Drafting wills
  2. Establishing trusts
  3. Probate proceedings
  4. Establishing health care directives
  5. Executing powers of attorney
  6. Long-term care planning
  7. Medicaid and Medicare planning
  8. Creating living wills and health proxies
  9. Guardianships and conservatorships
  • Please enter your name.
  • This isn't a valid email address.
    Please enter your email address.
  • This isn't a valid phone number.
    Please enter your phone number.
    You entered an invalid number.
  • Please select an option.
  • Please enter a message.