Setting Up an Estate Trust
Setting up an estate trust in Libertyville Illinois requires that all Illinois state probate, wills and trust laws must be followed. In setting up a trust you should first decide what kind of trust would be most suitable for you. You may have a large collection of beneficiaries whom you want to take care of after you pass away or there may be some specific terms and conditions you wish to impose on any gifts you make.
Seeking the advice of a probate and wills attorney will help you to get to grips with the whole process and they will talk you through all the conditions you want to place on the gifts you wish to make. For example, you can set up a trust where the recipients only benefit after you have passed away, or you can set up a living trust that they can tap into while you are still around. You can also set up a trust where only a certain amount of money can be accessed while you are alive and after that, a certain amount must be used for things like college or University tuition and expenses.
How to Start
When you and your attorney talk about the drafting of your trust, they will ask you to name your beneficiaries in order of what they will receive. Then you will need to stipulate any terms and conditions assigned to each beneficiary. Once the draft is done, you will then need to officially name a trustee. You can appoint more than one trustee. A trustee is a person or person whom you trust to execute the terms of the Trust you setting up. They will follow the said instructions and carry out any wishes that you specify. The next step is to make sure that the Trust is funded with enough to give the correct disbursements to each beneficiary at the appropriate time. Your estate trust does not have to contain money alone, but it can also include any other assets, such as property, gold, jewelry or antiques. The overall value of those items placed into the trust then become property of the trust and cannot be withdrawn unless you specifically set up a revocable trust. A revocable trust allows you to change the terms at any time and take out property that you feel no longer needs to be part of it.
One thing to bear in mind when you are setting up an estate trust, and that is to make sure that you do not set up an ‘irrevocable’ trust. An irrevocable trust literally means that once you establish it, the terms cannot be changed under any circumstances. If an irrevocable trust is something that you do want, be sure of the legalities of it first.
Looking to set up and estate Trust in Libertyville? Give Charles T Newland a call for expert Trust help and advice.