Revocable or Living Trusts
A revocable trust is a fluid trust arrangement whereby trust provisions can be revoked or changed during the settlor’s life, depending upon the settlor’s changing needs and wishes. The trustee, appointed by the settlor, holds and manages the trust assets, and has a fiduciary duty to follow the trust’s directions, which usually includes distributing assets and income of the trust to beneficiaries, which may also include the settlor. Upon the settlor’s death, the living trust becomes irrevocable and assets are distributed according to the trust’s terms. Unlike probate, the living trust’s terms and distribution of assets remain private, and the burden upon your family members to figure out your estate in the probate process is eliminated.
Advantages and Disadvantages of Revocable Trusts
Some benefits to the flexibility and privacy of a living trust are the avoidance of the confusing and slow probate process, avoidance of probate court costs, and avoidance of additional attorney’s fees. Moreover, if the trust assets include settlor-owned real estate located outside of the settlor’s state of domicile, ancillary probate of the real estate is avoided, making the process easier on your loved ones.
While revocable trusts have clear benefits, there are a few key aspects to consider before making a decision. Creating a revocable trust takes time and effort, even with a skilled attorney. Assets have to be placed into the trust to avoid probate. Your estate plan has to also be watched annually to make sure that your revocable trust is properly maintained. This usually is best handled by a skilled trustee, who will need to be paid for these efforts. Finally, property in your revocable trust can still often be reached by creditors, so if the goal of your estate plan is asset protection, then this may not be the proper trust for you.
How can I get more details on revocable or living trusts?
Learn more about how to set up a revocable trust by scheduling a consultation with the team at LaCava Law Firm, LLC in Geneva, IL. Estate planning attorney Michael LaCava has the attention to detail and legal knowledge to ensure that your assets will be protected according to your wishes, and regularly partners with other professionals such as accountants and wealth managers to ensure that your estate plan is robust. Get into touch with Michael by calling (630) 444-7504 or schedule a call today to start planning your estate with a revocable trust.
Michael LaCava
Attorney // LaCava Law Firm, LLC
Born in Illinois and raised in Florida, Real Estate and Estate Planning Attorney Michael LaCava graduated from the University of Florida, Levin College of Law in 2013. During school and thereafter, Michael gained valuable experience in the areas of Criminal Law, Personal Injury, Family Law, Real Estate Law, and Labor and Employment.
In 2015, Michael resettled in Illinois with his family, and shortly thereafter founded LaCava Law Firm, LLC, and began serving the Fox Valley area and surrounding Chicagoland. In a short time, Michael earned an excellent reputation for his thoroughness, knowledge, accessibility, and professionalism.
Different in many ways from a typical attorney, Michael prides himself on his responsiveness, attention to detail, and the close relationships that he shares with his clients and other referring professionals. Specializing in estate planning and real estate transactions, Michael has successfully helped over a thousand clients with their needs.
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