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Basics Behind a Living Trust

Posted on in Estate Planning

b2ap3_thumbnail_estate-planning-after-divorce-Naperville.jpgOswego and Kendall County Living Trust Attorney

Yorkville Estate Planning Attorney

What is a Living Trust?

A Living Trust is often called a “Revocable Living Trust”, a “Trust” or “Family Trust” is a legal instrument which distributes your property upon death or incapacity with the purpose of avoiding probate court and court procedures.  Unlike a Last Will and Testament, a properly executed and funded Living Trust avoids probate court and transfers your property upon your death or incapacity to your loved ones.  A properly executed and fund Living Trust means that it is important to transfer ownership of your assets such as your house title, your life insurance proceeds, your bank and savings account to your Living Trust’s name.  Like a corporation, a Living Trust is a fictional person and creation which is separate and distinct from you as an individual.  Unlike a corporation, a Revocable Living Trust is revocable which means that you may amend, alter, or change your Revocable Living Trust.  Due to this feature, a Living Trust does not provide you asset protection benefits.  Thus, a Living Trust does not protect your assets in case of a lawsuit or creditor proceeding.

Oswego, Yorkville, and Kendall County Probate and Trust Attorney

Sean Robertson resides in Yorkville, Kendall County (Illinois) and handles estate planning, estates and trust, and probate related issues in Kendall County.  Probate is a legal process in court such as in Kendall County Circuit Court that determines who is the appropriate owner of the property of a deceased person.  Hence, probate court is necessary when you have a Last Will and Testament and/or you do not have a valid estate plan.

What happens when you decease and real estate is involved?

There are several ways to accept real estate title in your house or property.  The first way is by Tenancy by Entirety, which means that a husband and wife own a house and it is their primary residence where they live.  Thus, your house must be owned by a husband and wife (or spouses) and it must be your primary residence where you reside.  After the first spouse deceases, the second spouse inherits the property by a right of survivorship.  Essentially, probate court is only an issue upon the second spouse to die.

Yorkville and Kendall County Real Estate Attorney

Experienced Real Estate and Probate Lawyers for Sale of Real Estate

In Illinois, most estates will not need to undergo the probate process after somebody has passed away.  Generally, probate court is the process of re-titling real estate property or assets when one has deceased without naming a beneficiary or beneficiaries to property or real estate.  For example, let us assume that Susan Smith is a widow or no longer married and she deceases with no spouse and three (3) adult children.  Susan Smith owned a single-family home in Yorkville, Kendall County (Illinois) and the three (3) children want to sell the house upon Susan’s death.

Unfortunately, Susan’s family has a real estate title issue because the only way to sell her property is to go through probate court or do an administered deed through a Title Company where all the heirs agree to sell the property.  In a situation, where all the heirs do not agree, probate court is recommended.  The Title Company will generally charge two (2) percent of the sales price in lieu of probate court.  The real estate cannot be sold within six (6) months though through a Title Company.  Sean Robertson and Robertson Legal Group, LLC provide legal advice navigating the real estate, estate planning, and probate process in Kendall County in areas such as Plano, Yorkville, Oswego and nearby areas such as Aurora, Montgomery, Naperville, Plainfield, Bolingbrook, and Romeoville. 

Experienced Estates and Trust Attorney in Yorkville and Oswego

Kendall County Probate and Guardianship Attorneys

In conclusion, Sean Robertson resides in Yorkville on the Southside of Yorkville in Kendall County, Illinois.  Sean Robertson has over 13 years of experience in the areas of probate and estate planning, real estate, and alternatives to probate.  Sean Robertson handles matters in the suburbs of Chicago such as DuPage County, Kendall County, Kane County, Will County, and Grundy County.  Sean Robertson may be reached at 630-780-1034 or via our online contact form.  We have an office in South Naperville or we are available by appointment in the Yorkville area.

 

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