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A living trust is a legal document that holds title or ownership to your real property and assets. A living trust is also called a revocable living trust or a family trust. The purpose of a living trust is to transfer ownership of your assets to the trust. When you transfer title you do not lose any control over your assets because you are still able to buy, sell, borrow or transfer. You still have unlimited access to and full control of your assets during your lifetime. There are advantages to creating a living trust instead of a will. First, a living trust avoids probate. By avoiding probate, your assets can be transferred immediately instead of going through a lengthy probate that can last anywhere from six months to two years. It also gives you control over the assets you leave to your minor children or grandchildren and prevents the courts from controlling your assets at incapacity.

When you transfer title of your assets into a trust it is called "funding your trust.” "Funding” transfers the name on accounts or property to the name of the trust. Once this occurs, probate is no longer necessary because the estate is now controlled by the trustee of the trust. You can be the trustee of the trust or you and your spouse can be the trustees of the trust. This allows full control to buy, sell, borrow or transfer in the case of the death of a spouse. The trust also identifies the person who will become successor trustee after both spouses pass. This person then has the right to manage all assets according to your wishes, which have been included in the trust document.

Living trust funds can help minimize or eliminate estate taxes. Our government imposes a tax, known as the Unified Gift and Estate Tax, on the transfer of property both during your lifetime and once you have passed away. Not everyone has to be concerned with estate taxes, but it is extremely important that you calculate accurately to determine whether your estate falls under the exemption rate. You need to understand what property will be included in your estate for federal tax purposes.

If you have any questions about Illinois living trust law or would like a referral to an experienced Illinois living trust lawyer please do not hesitate to contact us. All inquiries are free and confidential.

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