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What Is a Trust?

Chicago Estate Planning Attorney

A trust is a legal agreement that consists of three parties. A trustmaker is the person who created the trust, and is often known as the grantor, trustor, or settlor. The trustee is the person or unit who manages the property, and the beneficiary is the person who receives the benefits of the property. This means that the trustor will transfer ownership of a property or asset to the trustee, who will then manage and hold the title of the property or asset for the beneficiary. There are many types of trusts, but the most common are living, testamentary, revocable, and irrevocable trusts. If you are interested in creating a trust, contact our Chicago estate planning lawyer as soon as possible.

Types of Trusts

Living trusts are trusts that will go into effect during the trustor's lifetime. If the trust is supposed to go into effect after the trustor dies, it is known as a testamentary trust. A trust that is drafted under the terms of a will is also seen as a testamentary trust. In a revocable trust, a trustor, trustee, and beneficiary are usually the same person.

This means a person may place a property into a trust, but can undo the transfer in the future by removing the property and eliminating the trust. An irrevocable trust is designed so it cannot be amended, modified, changed, or canceled. Once it has been created, nothing can be changed or revoked.

A special needs trust allows parents of disabled children to set aside funds for their son or daughter without disqualifying him or her from much needed government benefits. There are two types of special needs trusts: the third party supplemental needs trust and the payback trust. Often times parents choose to create both types of trusts since they serve different purposes.

Trust administration encompasses all of the duties of the trustee to administrate or otherwise manage the assets in the trust. The duties of the trustee may be limited or they may extensive depending upon the language in the trust. As a trustee who can be held personally liable for any mistakes that cause damage or loss to the trust assets, it's absolutely essential that you seek the advice of one of our qualified attorneys who can clearly explain your obligations and guide you through the laws that govern your responsibilities.

Need an attorney to establish a trust in Chicago?

Both wills and trusts are helpful estate planning tools, but they serve different purposes. A will goes into effect after you die, and an executor is used to distribute the property as you ordered in your will. A trust can go into effect whenever you wish, and it can distribute property before death, at death, or afterwards. Our attorneys at Ferris, Thompson & Zweig have the ability to create both documents for clients, and amend them whenever necessary. If you have any will or trust questions, please feel free to fill out a free case evaluation form, or call our office today!

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Ferris, Thompson & Zweig, Ltd. - Chicago Estate Planning Attorney
Located at 1 East Wacker Drive, Suite 510,
Chicago, IL 60601.
Phone: (312) 836-0777.
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The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

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