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Living Trust

What is a Trust?

A trust is a legal document which appoints a person or legal entity (“trustee”) to hold legal title to property for the benefit of another (“legatee”).  The trustee administers the property in accordance with the instructions in the trust document.  The person who creates a trust is called a “grantor”, “trustor”, or “settlor”.

What is a living trust?

A living trust, also called an “inter vivos” trust, is a trust created during one’s lifetime and takes effect during the grantors lifetime.

A “revocable” living trust allows the grantor to change, amend, or terminate it at any time.

An “irrevocable” living trust cannot be changed, amended, or terminated after it takes effect.

Who controls the assets in a trust?

The trustee controls the assets in a trust.  In a living trust, the grantor typically acts as the trustee.  This allows the grantor to retain broad power to control and use the assets of the trust.  A successor should be appointed to manage the trust when the grantor acting as a trustee dies or becomes incapacitated.

The grantor may elect another person to act as trustee.  The trust sets forth specific instructions for the investment and use of the trust assets the trustee is required to follow.

Will placing property into a living trust shield it from creditors?

An irrevocable trust may provide some asset protection.  A revocable trust will not.

What is the difference between a living trust and a will?

The main difference between a living trust and a will is that assets held in trust avoid the probate process.  When a grantor creates a living trust, he transfers assets into the trust.  The trust is then considered the owner of the assets. When the grantor dies, the trust is considered the owner of the assets; therefore, the property avoids the probate process and is distributed according to the instruction in the trust.

If I have a trust do I still need a will?

A will provides a backup plan for any property that is not included in a trust.   For example, if you acquire assets and don’t add them to your trust, those assets will pass through state intestacy laws, which may not be in accordance with your wishes.

Is a trust private?

Probate files are accessible by the public at the court house. Probate files include value of probate assets, decedent’s place of residence, and the names and place of residences of grantor’s legal heirs.

In Illinois, a trust remains private.  It does not need to be filed or recorded.

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Brilliant, Genuine, Caring, Experienced, detailed oriented and more... That describes Eileen Kerlin Walsh

Miguel Ellis Chicago, IL 4/29/2016

2016-04-29T17:33:08+00:00
Brilliant, Genuine, Caring, Experienced, detailed oriented and more... That describes Eileen Kerlin Walsh Miguel Ellis Chicago, IL 4/29/2016

My sister referred me to Kerlin Walsh Law; this is the second time using them. Kerlin Walsh Law have fair rates. They are professional, possess good time management and communicate well - they ask questions and also provide answers. They have good follow up; during the process I did receive a phone call informing me on the happenings. I did get the verdict I was looking for. I would use Kerlin Walsh Law again.

Cecelia P. Chicago, IL 3/18/2016

2016-03-22T09:53:15+00:00
My sister referred me to Kerlin Walsh Law; this is the second time using them. Kerlin Walsh Law have fair rates. They are professional, possess good time management and communicate well - they ask questions and also provide answers. They have good follow up; during the process I did receive a phone call informing me on the happenings. I did get the verdict I was looking for. I would use Kerlin Walsh Law again. Cecelia P. Chicago, IL 3/18/2016

Harvard Magazine in 2010 revealed that two critical variables account for 80% of our overall judgment of others; warmth and competence. Eileen Kerlin Walsh exudes a perfect blend of these traits. Whether she is finalizing a Trust, conducting a seminar or delivering a law lecture, she possesses the broad base of knowledge and the warm human touch that make her the consummate professional.

Kamp, Chicago, IL

2016-03-22T10:03:17+00:00
Harvard Magazine in 2010 revealed that two critical variables account for 80% of our overall judgment of others; warmth and competence. Eileen Kerlin Walsh exudes a perfect blend of these traits. Whether she is finalizing a Trust, conducting a seminar or delivering a law lecture, she possesses the broad base of knowledge and the warm human touch that make her the consummate professional. Kamp, Chicago, IL