Living Trust
A Revocable Living Trust is a written, legal document that allows you to privately and efficiently pass your assets (real property, bank accounts, stock, saving certificates, personal property etc.) to your family, friends or charitable organizations after your death. At the creation of your trust, all of your assets will be transferred from your name and titled in your trust. You retain unlimited access to and full control of your assets during your lifetime while you have your capacity.
A Revocable Living Trust allows you to appoint someone of your choice (as Successor Trustee) to manage your assets after your death or during your incapacitation. A Revocable Living Trust may be amended or revoked at any time as long as you are mentally competent. Once you pass away, the trust may no longer be changed and your Successor Trustee will manage the assets in line with the terms you have established within the trust. Your surviving spouse or child will commonly be named as your Successor Trustee.
Your Revocable Living Trust is private,and your estate will not pass through the probate courts, as long as it remains fully funded with all of your assets and your family will not be subjected to this long and expensive court process. Instead, your assets and belongings will be distributed privately and efficiently to your beneficiaries, under the terms that you have established within your trust.
Download our current informational brochure on Living Trust and Estate Planning.
Informational
Brochure
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Tuohy Law Offices
Millennium Park Plaza
155 N Michigan Avenue
Chicago, IL 60601
312-729-5200
1-866-729-2454