What is the definition of a living trust and how does it work?
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.
- It 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 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.
- Your assets and belongings will be distributed privately and efficiently to your beneficiaries, under the terms that you have established within your trust.
It is important to learn more about a Living Trust, your rights, the law and how they work.
Begin Your Plan Now
You can save time, cost, and the uncertainty of the mail by filling out your Estate Planning Form immediately is the information we need to begin preparing your estate plan.
Click here to review and fill out your request. To send the form to us online, please download and save the form directly on your desktop. Once you have downloaded the form to your desktop, it will be writable and you can fill it in right on your desktop-no need to print the form. When you have completed the form, save the filled out copy again, and then you may send it to us as an attachment via email.
Once we receive your completed Estate Planning Form via email or by mail, we will immediately call you to calendar a convenient appointment for your signing in our office with Mr. Tuohy. Our signings are approximately two hours and scheduled during the week at either 10:30 a.m. or 1:30 p.m.
While you are awaiting your signing date, you will complete the Asset Transfer Form below so Mr. Tuohy can thoroughly review your assets and advise and assist with the appropriate transfer of all assets to your trust.
Your information is private and secure. Our staff is ready to assist you if you have any questions when completing the Estate Planning Form. Call us at 1-312-559-8400 with any questions. You can also contact us anytime via email.