Kane County Trust Administration Lawyers

Estate Planning Attorneys for Administering Trusts in South Elgin, Illinois

Trust administration and probate administration are two ways for the assets of a deceased person to be transferred to their heirs. Probate is a requirement for many estates, but it can be avoided if a person had established and funded a trust. A trust is created by a person to hold and manage their property and assets. A trustee is the party responsible for managing the trust for the intended recipients (beneficiaries).

Court involvement will be required during probate, and an executor or estate administrator will need to follow certain procedures when distributing assets to beneficiaries. Trusts may be designed to bypass the probate process. Trusts created during a person's life are known as "living" trusts. The process of shifting property and assets into a trust is known as funding.

Trusts, trust administration, and probate can be complicated and detailed processes. An experienced estate planning attorney can provide assistance with these issues. At Ariano Hardy Ritt Richmond Lytle & Goettel P.C., we work with clients to help them understand the best ways to use trusts, and we can make sure trustees will be able to administer trusts correctly. To learn more about how we can help address estate-related concerns, contact us at 847-695-2400 and schedule a free initial consultation.

Establishing a Living Trust

Living trusts are used for holding and managing a person's assets during their life. After their death, assets will be transferred to beneficiaries without the need for probate. An estate planning attorney should be involved in the preparation of the trust agreement, ensuring that it clearly identifies the beneficiaries and the instructions for the trustee.

The person who creates a living trust may serve as the trustee, or they may appoint another person or a bank or institution. If the person becomes disabled or incapacitated, the trustee will be able to manage the assets in the trust, and if necessary, a successor trustee can step in to take care of these responsibilities. Assets in the trust will be distributed to beneficiaries according to specific instructions. If a beneficiary of a trust is a minor or a person with special needs, the trustee may continue to manage the assets in the trust on behalf of the beneficiary.

Advantages of Living Trusts

If you want to make sure a responsible party will manage your finances in the event that you are unable to, a living trust is a good option. The terms within a trust, unlike a will, are confidential, so it will help you and your family maintain privacy. Living trusts are flexible, and you can put specific instructions in place detailing when and how your assets will be transferred to beneficiaries.

Trust Administration in Illinois

The process of administering a trust may include the following:

• Locating and compiling an inventory of assets held in the trust.
• Conducting a valuation of the assets and determining potential income and estate tax consequences.
• Dividing trust assets according to a plan of division established when the trust was created.
• Paying federal or state estate taxes that may be applicable.
• Distributing assets according to the terms of the trust after any debts and taxes are paid.

Contact Our South Elgin, IL Trust Administration Lawyers

If you believe that a trust will be beneficial for you and your family, or if you need to ensure that a trust will be administered correctly, you can benefit from working with a skilled lawyer. For over 35 years, the legal team at Ariano Hardy Ritt Richmond Lytle & Goettel P.C. has been successfully administering trusts while helping our clients develop comprehensive estate plans. We can make sure trusts are established and funded in accordance with the applicable laws, and we can help trustees carry out their duties while addressing potential legal concerns. Contact our Kane County trust administration attorneys today by calling 847-695-2400 for a free consultation.