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Barrington IL Trust Attorneys

Local Attorneys for Estate Planning Matters in Algonquin, Palatine, and Throughout the Area

The forming of a trust is strongly suggested to allow for your family to avoid the hassles, time and expenses of proceedings in probate court. Trusts are legal agreements that are flexible, yet organized tools for handling property during life and after death. A trust is a critical component of an overall estate plan that should be constructed with help from a lawyer. At Lucas Law, our team will take the time to explain your options and make sure that your assets are available for your loved ones according to your intentions.

Parties in Trust Administration

The Trusts and Trustee Act explains that a trust can be created in the form of an agreement, declaration, deed, will or other written tools. There are three primary roles involving trusts:

  • Grantor: The individual who is giving the property to the trustee to manage for the beneficiary.
  • Trustee: A fiduciary that is an individual or corporation that oversees the property owned in a trust
  • Beneficiary: A person or entity that the trust is created to benefit.

Characteristics of Trusts

A living trust has a strong similarity to a will but is typically less susceptible to legal challenges. A living trust assigns a trustee, who may be the grantor themselves. The property in a living trust essentially is under the ownership of the trust itself. Trusts may name a successor. Trusts designed to avoid probate do so by proactively transferring ownership from the grantor; thus the probate court has no property it must handle.

Two Primary Types of Trusts

Trusts may be revocable, meaning that they may be changed or altered once they are established. A revocable trust may be terminated altogether. An irrevocable trust is one that is not subject to revisions or revocation.

Powers of Trustees

Trustees have many powers that are specified under the Trusts and Trustee Act, some of which include:

  • Sell or negotiate purchase options for any portion of the estate either publicly or privately, or exchange it for other property
  • To enter leasing agreements, borrow or mortgage any portion of the estate
  • Grant easements, divisions, and improvements relating to real estate
  • To name or assign trustees (or co-trustees) to conduct activity on behalf of the trust in other jurisdictions
  • Exercise ownership rights in stock, bond, security transactions, and agreements with banks and financial institutions
  • Rely on documents believed to be genuine in paying taxes or other expenses associated with managing the estate
  • Appointment of attorneys, auditors, and advisers to assist with the trust
  • Execution of contracts, notes, and instruments which may be binding
  • To receive and oversee additional property as part of the trust or a separate trust
  • To insure or invest property interests
  • Distribution or equitable division of property and several others.

Trustee Duties for Investments

Trustees have duties outlined under the Prudent Investor Rule. Some of these include a duty to manage assets as a prudent investor would, through usage of reasonable care, skillfulness, and cautiousness. The rule is a test of behavior more than an evaluation of performance. It seeks to encourage that investments are diversified, with the goal of maintaining a balance between producing income and safety in the preservation of capital.

The lawyers at Lucas Law assist people with establishing trusts that are responsible and comprehensive. Clients can expect personalized and practical solutions that are tailored specifically for their best interest. Contact our office today at 847-381-8700 to schedule an initial consultation. We serve clients in Barrington, Inverness, Algonquin, Palatine, Cary, Lake Zurich, Tower Lakes, Hawthorn Woods, and all surrounding communities.

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