When an Illinois resident executes an estate plan, a number of topics are usually addressed. Wills and trusts are basic components of many estate plans. There are various types of both kinds of documents, and determining which options will best help an estate owner accomplish his or her goals can be challenging. Especially when it comes to funding trusts, it can be helpful to seek experienced counsel.
A revocable trust is often referred to as a living trust. This type of trust not only helps keep an estate out of lengthy probate proceedings, but it also allows the estate owner retain control of trust property while he or she is still living. This is because the estate owner can name him or herself as trustee.
Such trusts are called revocable because they can be changed or extinguished at any time during a grantor’s life. A grantor that has appointed him or herself as trustee may continue to treat trust assets as personal property, including selling, trading or gifting them. A grantor may wish to learn more about the possible tax implications a particular set of transactions may have.
When funding trusts with real estate, a property deed must be included. When properly funded, the grantor/trustee is able to manage the trust for his or her own benefit and for future beneficiaries as well. An attorney with experience in Illinois law concerning wills and trusts can provide counsel to any person seeking guidance regarding proper funding of trusts or other estate issues.