Trustor and trustee enter into an agreement to create a revocable living trust. The purpose of the creation of the trust is to provide for the convenient administration of the assets of the trust without the necessity of court supervision in the event of the trustor's incapacity or death. Other provisions of the trust document include: trust assets, disposition of income and principal, and administration of the trust assets after the death of the trustor.
A Cook Illinois Living Trust — Revocable is a legal arrangement that allows individuals to transfer their assets and designate beneficiaries while maintaining control and flexibility during their lifetime. It offers several benefits, including asset protection, probate avoidance, privacy, and flexibility in managing the trust assets. In Cook County, Illinois, there are two primary types of Living Trusts — Revocable that individuals can establish: 1. Cook Illinois Revocable Living Trust: This type of trust is revocable, meaning the creator (also known as the granter or settler) retains the right to modify, amend, or revoke the trust at any time during their lifetime. By transferring their assets into the trust, the granter remains the trustee and maintains complete control over the assets. They can also designate beneficiaries who will receive the assets upon their passing. This trust allows for easy management and distribution of assets without the need for probate. 2. Cook Illinois Pour-Over Trust: A Pour-Over Trust is often created in conjunction with a will. It functions as a safety net, capturing any assets that were not transferred into the revocable living trust during the granter's lifetime. Upon the granter's death, these assets pass through the pour-over trust and are distributed according to the terms and provisions outlined in the trust document. This type of trust is beneficial for individuals who wish to add assets to their revocable living trust after its creation or if they accidentally omit certain assets from the trust during their lifetime. Regardless of the specific type, Cook Illinois Living Trust — Revocable provides individuals with peace of mind, allowing them to maintain control over their assets while also simplifying the process for their beneficiaries when it comes time to distribute the estate. It is advisable to consult with an experienced estate planning attorney to determine the best type of trust based on individual circumstances and objectives.A Cook Illinois Living Trust — Revocable is a legal arrangement that allows individuals to transfer their assets and designate beneficiaries while maintaining control and flexibility during their lifetime. It offers several benefits, including asset protection, probate avoidance, privacy, and flexibility in managing the trust assets. In Cook County, Illinois, there are two primary types of Living Trusts — Revocable that individuals can establish: 1. Cook Illinois Revocable Living Trust: This type of trust is revocable, meaning the creator (also known as the granter or settler) retains the right to modify, amend, or revoke the trust at any time during their lifetime. By transferring their assets into the trust, the granter remains the trustee and maintains complete control over the assets. They can also designate beneficiaries who will receive the assets upon their passing. This trust allows for easy management and distribution of assets without the need for probate. 2. Cook Illinois Pour-Over Trust: A Pour-Over Trust is often created in conjunction with a will. It functions as a safety net, capturing any assets that were not transferred into the revocable living trust during the granter's lifetime. Upon the granter's death, these assets pass through the pour-over trust and are distributed according to the terms and provisions outlined in the trust document. This type of trust is beneficial for individuals who wish to add assets to their revocable living trust after its creation or if they accidentally omit certain assets from the trust during their lifetime. Regardless of the specific type, Cook Illinois Living Trust — Revocable provides individuals with peace of mind, allowing them to maintain control over their assets while also simplifying the process for their beneficiaries when it comes time to distribute the estate. It is advisable to consult with an experienced estate planning attorney to determine the best type of trust based on individual circumstances and objectives.
