What is a Revocable Trust?

Also called revocable living trusts or “inter vivos” (Latin for “between or among the living”) trusts — revocable trusts are simple yet flexible tools that can add serious mojo to any estate plan and conserve assets for future generations.

Experienced estate planning attorneys often use living trusts, created while you are still alive, as a way to avoid probate and its associated costs.

The first thing you should know is that the word revocable, as used here, means that the trust can be modified at any time and in a number of ways. For instance, a revocable trust’s assets can be bought and sold; new assets can be transferred to the trust; beneficiaries can be added and subtracted; successor trustees can be changed. In addition, the person or persons establishing the trust can make themselves the trustees (a self-declaration of trust) in order to maintain complete control over the trust at all times.

Avoid Probate with Revocable Trusts

Because problems often occur in the administration of an estate in probate, and especially often with large estates — avoiding probate through the use of a funded revocable living trust can give you peace of mind. Revocable trusts can save your family members and loved ones from having to deal with the problems that can be involved with probating the estate when you die. If you own property in other states, they can also prevent the expense and hassle of having to deal with ancillary probate proceedings in other courts.

To ensure your estates’ privacy and to better define how you want your estate handled Contact Our Chicago Trust Attorneys

Types of Trusts We Establish:

• Chicago Trusts Attorney
• Revocable Trust
• Irrevocable Trust
• Supplemental Special Needs Trust
• Charitable Trusts
• Credit Shelter/Applicable Exclusion Amount Shelter Trust
• Generation Skipping Trust
• Pet Trust
• Estate Freeze Trust
• Qualified Personal Residence Trust (QPRT)
• Qualified Domestic Trust (QDT)
• Trusts for LGBT and other Life Partners