Revocable Trusts Attorneys in Northern Illinois

Estate Planning Lawyers for Creating Living Trusts

At Sosin, Arnold & Schoenbeck Ltd., we are proud to assist individuals and families as they navigate the complex process of estate planning. Our team of experienced lawyers understands that there are many factors to consider as you look toward the future and make decisions regarding your assets and holdings. With our legal knowledge and commitment to client service, we will help you develop a customized estate plan that meets your needs.

A will is an estate planning instrument with which most people are familiar. Many individuals have also heard of trusts, but may not be certain how trusts are used to hold and transfer assets from one person to another. There are a number of different types of trusts, but revocable trusts—sometimes called "living trusts"—can offer many advantages over a standard will.

Understanding Revocable Trusts

A trust is an agreement between the person who creates the trust (its “grantor”) and the person who holds property transferred to the trust by the grantor (its “trustee”) for the benefit of third parties (the “beneficiaries”). People who create revocable trusts for estate planning purposes typically name themselves as the initial trustees and the initial beneficiaries. They name family members or others as successor trustees and remainder beneficiaries. The grantor transfers assets to the trust during the grantor’s life. The trust then holds the assets for the grantor’s benefit during his or her life (including during any period of disability) and then either holds those assets for the benefit of remainder beneficiaries or distributes them to those beneficiaries. With a revocable trust, the grantor may change the trust at any time and in any manner during the grantor’s life. When the grantor dies, the trust lives on to complete the next phase of the grantor’s estate plan.

Advantages of a Revocable Trust

At Sosin, Arnold & Schoenbeck Ltd., our accomplished attorneys recognize that planning with a revocable trust offers the following advantages when compared to a plan based on a will alone:

• It permits your trustee to minimize your estate administration expenses by avoiding probate;
• It provides a seamless transition for the ownership and administration of your property as you transfer it to your beneficiaries;
• The trust centralizes the control of, and dispositive provisions pertaining to, your assets;
• It plans for your possible disability in a manner that will better enable your family to avoid guardianship proceedings;
• It protects the privacy of your estate plan because, unlike a will, a trust is not required to be filed with any court after your death; and
• It can be used to create some creditor protection for spouses and other family members by withholding funds for those individuals within the trust.

At Sosin, Arnold & Schoenbeck Ltd., we can help you determine if a revocable trust is right for your circumstances. Where it may not be the most desirable alternative to you, we will offer other alternatives.

If you have questions about revocable trusts, pour-over wills, or any other aspect of the estate planning process, the skilled attorneys at Sosin, Arnold & Schoenbeck Ltd. can provide answers. Contact our office at 708-448-8141 for guidance.