Kane County Trust Administration Lawyers

Estate Planning Attorneys for Administrating Trusts in St. Charles, South Elgin, and Huntley IL

Trust administration and probate administration are two ways for the assets of a deceased to be transferred to their heirs. Probate is a requirement for the process, unless the deceased had established and funded a trust. A trust is created by a person to hold and manage the property and assets. A trustee is the party responsible for managing the trust for the intended recipient (beneficiary). In probate, the court facilitates the transfer, while trusts are designed to bypass the probate process. If you establish a trust in conjunction with a will it is referred to as a testamentary trust. Trusts created during life are "living" trusts. The process of shifting property and assets into the trust is known as funding.

Trusts, trust administration, and probate can be complicated and detailed processes. It is important to contact an experienced estate planning attorney for assistance. Call Ariano Hardy Ritt Nyuli Richmond Lytle Goettel, P.C. (AHR) at 847-695-2400 to schedule a free initial consultation.

Establishing a Living Trust in St. Charles, IL

Living trusts are used for holding and managing your assets during life which will transfer to your heirs upon your death without the need for probate. An estate planning attorney should be involved in the preparation of the trust agreement which clearly identifies the beneficiaries and the instructions for the trustee. The trustee may be you, other individuals, a bank or other institution. If you become disabled or incapacitated, the trustee will tend to your finances. If the trust beneficiary is a minor or person with special needs, the trustee may continue to manage the trust.

Advantages and Disadvantages of Living Trusts

If you seek to have a responsible party 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 since they do not go through the court. If you hire a professional to maintain the trust, their fees may offset any savings from avoiding probate

Trust Administration in Illinois

The process of administering a trust may include the following processes:

• Locating and compiling an inventory of assets in the estate.
• Conducting a valuation of the assets and potential income and estate tax consequences.
• Dividing trust assets according to a plan of division which was established when the trust was created to Provide, that upon the death of the first spouse the surviving spouse retains the assets in the trust, thus sheltered from estate taxes and creditors.
• If federal estate taxes are applicable, the federal estate tax must be filed within nine months of death
• Beneficiary distribution according to the trust is completed after any debts and taxes are paid.

St. Charles IL Trust Administration Attorneys

Those wishing to establish a trust or those in need of assistance in proper administration will benefit from contacting a skilled attorney. For over 35 years, the legal team at AHR has been successfully administering trusts as part of comprehensive estate plans. Contact our office today for a free consultation at 847-695-2400. We serve clients throughout the Fox River Valley area, including Elgin, South Elgin, St. Charles, Huntley, and across Kane County.