The purpose of a trust is to set aside assets you own into an account that is designated to be managed by a trustee and ultimately received by third-party beneficiaries. While trusts can make the process following your death significantly easier and can give you confidence in your estate plan, they are not always as simple to create. There are laws with which a trust must comply, so it is always wise to seek help from a Lincolnshire estate planning lawyer.
Trusts and Fiduciaries are Governed by Illinois Law
The act of creating a trust is not as simple as putting money into a separate account and granting access to the beneficiary. Instead, it must be legally established, with a trustee assigned to manage the account and how it is distributed. Ensuring that this is done correctly is important for the trust and its contents to be enforceable should something go wrong.
In the state of Illinois, the trustee has a strict duty to all the trust beneficiaries, and any violation of that duty can be costly for the beneficiaries and might have serious consequences for the trustee. When a trustee violates their duty to the trust, they might have stolen funds, invested them poorly or inattentively, or failed to do something required by the trust document. To minimize the chances of conflict, you want to discuss your choice of a successor trustee, as well as your trust instructions, with a skilled attorney.
Reach Out to a Lincolnshire Estate Planning Attorney Today
The legal drafting of your trust and the wording used will determine if it is valid, effective, and enforceable, and this requires knowledge and experience in the trust creation process in Illinois. To ensure that your trust is properly executed in line with the laws and current regulations in Illinois, schedule a consultation with Charles T. Newland & Associates.