Yes, properly funded trusts allow assets to bypass the probate process entirely, ensuring your beneficiaries receive their inheritance more quickly and privately than assets distributed through a will. This probate avoidance not only saves time and reduces costs but also maintains the confidentiality of your estate’s details, which would otherwise become public record during probate proceedings.
LaGrange: 1023 W 55th St #200, LaGrange, IL 60525 | Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
LaGrange: 1023 W 55th St #200, LaGrange, IL 60525
Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
LaGrange: 1023 W 55th St #200, LaGrange, IL 60525
Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
Trusts
Trusts Lawyer in Illinois
A trust is a powerful and versatile legal tool designed to help individuals manage, protect, and distribute their assets effectively. At Wilson & Wilson Estate Planning & Elder Law LLC, we understand that each client’s needs are unique. For this reason, we take the time to craft personalized, comprehensive trust solutions that align with your goals, protect your assets, and secure your family’s future.
What Is a Trust?
A trust is a legal arrangement where one party, known as the grantor, places their assets under the management of a trustee. The trustee is tasked with managing those assets on behalf of the trust’s beneficiaries, who will receive the benefits according to the terms set by the grantor. Trusts can be created during your lifetime (living trusts) or established through your will and activated after your passing (testamentary trusts). They offer a level of flexibility and control that other estate planning documents, such as wills, may lack.
There are also different types of trusts, each designed to address specific needs. For example:
- Revocable Living Trusts: These allow you to retain control of your assets during your lifetime while ensuring smooth transitions to beneficiaries upon your passing.
- Irrevocable Trusts: Offering greater protection, these are commonly used for tax planning, asset protection, or charitable giving.
- Special Needs Trusts: These trusts are intended to safeguard assets for a disabled loved one without jeopardizing eligibility for government benefits.
- Trusts for Minors: Ideal for managing and distributing assets over time to children or grandchildren until they reach a designated age.
Each trust type serves a different purpose, and choosing the right one requires careful thought and legal insight.
Why Are Trusts Important?
The benefits of creating a trust can be significant when it comes to protecting your loved ones and planning for the unexpected.
- Avoid Probate: Trusts allow assets to bypass the often lengthy and costly probate process, ensuring that your beneficiaries receive their inheritance more efficiently.
- Control Distribution: You can specify how and when your assets will be distributed. For instance, you might decide that minors only gain access to funds upon reaching a certain age.
- Privacy: Unlike a will, which becomes public record during probate, a trust remains private, safeguarding the details of your estate.
- Tax Advantages: Certain trusts can reduce estate taxes or shelter assets, providing significant financial benefits for your heirs.
- Asset Protection: Strategies using irrevocable trusts can shield assets from creditors or legal claims, particularly if you are concerned about potential liability issues.
At its core, a trust offers peace of mind. It ensures that your legacy will be preserved and your wishes honored, no matter what life brings.
Why Partner with Wilson & Wilson?
We take the time to understand your unique circumstances—whether you’re protecting a family business, planning for a loved one with special needs, or simply seeking to preserve your assets for the next generation. Our dedicated legal team will work collaboratively to design a plan that reflects your values and goals.
At Wilson & Wilson Estate Planning & Elder Law LLC, we recognize that creating and managing a trust can seem complex. That’s why we are here to guide you every step of the way. From determining the type of trust that best suits your needs to drafting precise and enforceable legal documents, our experienced attorneys offer personalized attention and sound advice.
Contact Wilson & Wilson Estate Planning & Elder Law LLC today to schedule a consultation. We have offices conveniently located in Deerfield and LaGrange. Together, we can create a trust-based estate plan that brings clarity, security, and confidence for years to come.
FAQs About Trusts in Illinois
What assets can be placed in a trust?
Most types of assets can be transferred into a trust, including real estate, bank accounts, investment portfolios, business interests, personal property and life insurance policies. However, certain assets, such as retirement accounts and some employee benefits, may have specific restrictions or tax implications that require careful analysis before inclusion in your trust structure.
Who should serve as trustee of my trust?
Your trustee should be someone with strong financial acumen, absolute trustworthiness and the time and ability to manage complex responsibilities, whether that’s a trusted family member, professional fiduciary or financial institution. Many clients choose to name themselves as the initial trustee of a revocable trust, with a successor trustee designated to assume control upon their incapacity or death.
Can a trust be modified or terminated after it's created?
Revocable trusts can be modified or terminated at any time during your lifetime, provided you retain mental capacity and follow the procedures outlined in the trust document. Irrevocable trusts are much more difficult to change, typically requiring court approval or unanimous consent of all beneficiaries, which is why careful initial planning is essential before establishing an irrevocable trust structure.
What is a special needs trust, and when is it necessary?
A special needs trust is carefully crafted to offer financial support to individuals with disabilities while ensuring they remain eligible for crucial government benefits such as Medicaid and Supplemental Security Income. This trust structure ensures that your loved one receives additional resources to enhance their quality of life without compromising their access to government assistance programs.
Does a trust protect assets from creditors?
Irrevocable trusts can provide asset protection by removing assets from your personal ownership, making them generally unavailable to your creditors or in legal judgments. However, the level of protection varies depending on the type of trust, the timing of asset transfers and specific state laws governing creditor claims and fraudulent transfer statutes.
Get in touch now, and support your family even after you’re gone.
Get the personalized
care you need.
To arrange your initial consultation with Wilson & Wilson for comprehensive legal representation, call today.
Meet Our Team
Hear From Our Satisfied Clients
Wilson & Wilson made the estate planning process very easy and timely for my mother.
Great attorneys and team helped my family. Keep up the excellent job!
Great experience
As a law firm, they have held my hand as a professional law team and have shown compassion. Thank you Sandra.
Wilson & Wilson Estate Planning & Elder Law, LLC helped me navigate a very tumultuous time in my life. Sandra and her team were so gentle with me and the processes that needed to take place for a timely distribution. They worked tirelessly to ensure I was supported throughout the process. Although no one is actually prepared for the death of their loved one Sandra made going through it less painful. I’m forever...
Bill Wilson and his staff are amazing! We have known Bill for over 25 years and have trusted him to handle our different legal situations. From his expertise in our estate planning to seeking his advice on handling our elder relative's estate, we are confident we have the best protection by using Bill. My family and I are truly thankful for his knowledge and patience when dealing with such personal and tough conversations...
GOD has blessed me with alot but by people's standards maybe not that much; however Attorney Sandra Schildgen made me feel like a Billionaire! It is also noteworthy that from the front office and assistant personnel gave that feeling "we are family". I look forward in continuing our relationship in the future. GIVE Wilson & Wilson your business.
Great attorneys, and great staff in general, all knowledgeable and extremely helpful..
Everyone was really professional and helpful with assisting me with Estate Planning!
Mr. Wilson has helped our family VERY MUCH. His "down to earth" honesty and integrity made what could have been a difficult situation easy to get through. AND, we felt his rates were reasonable for the personal service we received. HIGHLY RECOMEMDED.
Schedule a Consultation!
Don’t Leave Your Family’s Future to Chance
LaGrange, IL
Call
Deerfield, IL
Call
Attorney Advertising. This information is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Past results and testimonials are not a guarantee, warranty, or prediction of the outcome of your case, and should not be construed as such. Past results cannot guarantee future performance. Any result in a single case is not meant to create an expectation of similar results in future matters because each case involves many different factors, therefore, results will differ on a case-by-case basis. By providing contact information, users acknowledge and give explicit consent to be contacted via the methods of communication provided, including SMS. Message and data rates may apply. Message frequency may vary. Reply STOP to opt out.
NUVEW | Copyright 2025 Wilson & Wilson Estate Planning & Elder Law LLC | Accessibility Notice | Privacy Policy