A trust is a legal arrangement where an individual (the “trustor”) transfers assets to a trustee, who then manages and distributes those assets on behalf of the beneficiaries according to the trust document. While a will is essential, a trust offers a more powerful and flexible way to manage your legacy, providing unmatched control, privacy, and protection for your assets.
The primary problems a trust solves are the public, costly, and time-consuming nature of the probate court process, as well as the potential for court intervention in your affairs if you become incapacitated. A well-drafted trust is a sophisticated and powerful tool within a comprehensive Estate Planning strategy, designed to give you and your family ultimate peace of mind.
Creating a trust is a detailed process that requires careful planning and precise legal drafting. Our attorneys provide clear guidance and support at every stage to ensure your trust is effective and accurately reflects your wishes.
Illinois law allows for various types of trusts, each designed to achieve specific goals. Our attorneys can help you determine the right one for your situation.
This is the most common type of trust. It allows you (the trustor) to maintain full control over your assets during your lifetime and to amend or revoke the trust at any time. It is the primary tool for planning for incapacity and avoiding probate.
This trust generally cannot be modified or revoked once it is established. It is a powerful tool often used for advanced asset protection from creditors, minimizing estate taxes, and for Medicaid planning.
This is a trust that is created through a provision in your last will and testament and only takes effect after your death. It is often used to manage inheritances for minor children or young adult beneficiaries.
This specialized trust is designed to hold assets for a beneficiary with a disability without jeopardizing their eligibility for essential government benefits like Medicaid and Supplemental Security Income (SSI).
Incorporating a trust into your estate plan provides powerful advantages that a will alone cannot offer. It is a proactive tool for managing your legacy with precision and care.
Drafting a trust is a complex legal task where precision and customization are paramount. At Brave Law Center, P.C., we have the experience to craft trust documents that are not only legally sound but are also tailored to the unique goals and family dynamics of each client. We pride ourselves on providing clear, practical advice and maintaining prompt communication throughout the entire process.
Our goal is to ensure you feel confident and in control of your legacy. We offer the sound guidance you need to navigate unexpected situations and make informed decisions, ensuring a smooth and efficient legal process from start to finish.
A revocable living trust can be changed or canceled by you at any time while you are competent. An irrevocable trust generally cannot be altered once it is created. Revocable trusts are best for flexibility and probate avoidance, while irrevocable trusts are used for more advanced goals like asset protection and tax planning.
Yes. A special type of will, called a "pour-over will," is almost always used alongside a trust. This will acts as a safety net, directing that any assets you may have forgotten to transfer into your trust during your lifetime are "poured over" into it upon your death.
Funding a trust is the process of legally transferring ownership of your assets (like your house, bank accounts, and investments) from your individual name to the name of the trust. A trust only controls the assets it owns, so an unfunded trust is essentially an empty vessel that will not help you avoid probate.
No. With a revocable living trust, you typically name yourself as the initial trustee. This means you maintain full control over all the assets in the trust. You can buy, sell, mortgage, and invest them just as you do now.
A trust is a powerful and flexible tool for achieving your specific estate planning goals. It is a core component of a complete estate plan and works in conjunction with other important legal documents.
This service is a core component of our Estate Planning Practice.
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By creating a trust, you are taking a proactive step to protect your assets, provide for your loved ones, and ensure your legacy is managed according to your wishes.
To discuss whether a trust is the right tool for your estate plan, contact the experienced Peoria trust attorneys at Brave Law Center, P.C. today. Call us at 309-228-9254 or reach out through our convenient online contact form to request a reservation.
330 NE Perry Ave., Peoria IL 61603
120 S Main St., Eureka, IL 61530
