Revocable living trusts are not the best known element of estate planning. But at Lois Kulinsky & Associates, Ltd., of Wheeling, Libertyville, and Buffalo Grove Illinois, we firmly believe that living trusts can have great benefits, and often find ourselves recommending them to clients. They are especially useful to single parents who have all their assets in their own name and those who have more than $100,000 in total assets.
Our lawyers can meet with you, listen carefully to your situation, and decide whether a revocable living trust is your best option. If you are new to our firm, we can offer you a free half-hour consultation with a qualified attorney. Contact us online to get started.
How Do Revocable Living Trusts Work?
The trust is revocable, meaning that it can be changed while the holder of the trust is alive. But once the holder of the trust dies, the trust becomes irrevocable, meaning that the terms must be followed to the letter. This is also the first time the trust receives a tax ID number.
What if I Become Too Sick to Handle My Affairs?
There is also a power of attorney built into the revocable living trust. The power of attorney names someone as the successor trustee of the living trust, and gives that person the power to make legal and financial decisions on your behalf if you get too sick to do so.
You can build into the trust exactly what constitutes incapacity — that is, what medical conditions would mean that the successor trustee should take over. If you become incapacitated, the successor trustee will be able to:
- Sign deeds
- Sell real estate
- Arrange for payment of medical bills
- Plan medical care
- Take care of you
- Liquidate stocks
Revocable living trusts also arrange for the distribution of your assets when you die. In this way, they serve the same purpose as wills, except with some important differences. Revocable living trusts are private, while wills are public knowledge. It also allows your heirs to avoid the often long process of probate.
Contact Us Today for a Free, Half-Hour Consultation
To speak with us about any estate planning issue, from pour-over wills to land trusts, contact our lawyers. Our main offices are in Wheeling, but our attorneys also meet with clients in our Libertyville office and Buffalo Grove Office.