Trust Our Oak Brook, IL Trust Administration Lawyer For All Your Fiduciary Responsibilities
A trust is a valuable part of your estate plan, but for it to be effective and accomplish its goals, the trust must have a capable trustee. A trustee, or trust administrator, has weighty fiduciary duties (financial responsibilities). They must properly manage the assets in the trust according to the instructions the grantor (person who created the trust) left and fulfill the legal reporting obligations of a trustee. Some people are fortunate enough to have someone in their life who can fulfill the duties of a trustee or can act as one themselves, but many people don’t. If you want the financial protection and benefits of a trust but cannot act as a trustee yourself and don’t have a trusted person in your life who can fulfill the role of trustee, our Oak Brook, IL trust administration lawyer can help you.
For over 25 years, the attorneys at Bott & Associates, Ltd. have provided trust administration services for clients like you. We can craft a trust that meets your fiscal goals, including an SNT, advise you of your options, and fulfill the duties of a trust administrator. Please contact us today for a personal consultation.
Comprehensive Trust Administration Services
The Illinois Probate Act of 1975 and other statutes cover the financial responsibilities of a trust administrator. Per the law, a trustee must ethically represent the trust and act in its best interests, not necessarily the beneficiaries. Suppose the trust grantor leaves one set of instructions, and the beneficiary wants something different. In that case, the trustee must act on behalf of the trust, even though the purpose of the trust is to benefit the beneficiary.
Our trust administration attorney can fulfill the duties of a trustee if you cannot yourself (because of the nature of the trust or your preferences) or if you don’t have someone in your life you trust with the fiduciary duties. We explain the responsibilities of a trustee and can draft and review documents necessary to set up and administer the trust. Our legal services cover everything you need for trust administration, including:
- Communicating with the beneficiaries on behalf of the trust
- Creating an accounting of all financial activity of the trust
- Submitting all required tax and reporting forms
- Providing investment guidance to grow the trust
- Assisting you with the interpretation of the terms of the trust and supporting you should there be a dispute
- Initiate and complete transactions on behalf of the trust
- Reform or restructure the trust if necessary
As your Illinois estate planning attorneys, our goal is to ensure that your trust and the trustee’s actions comply with state and federal guidelines so that the trust can serve its purpose.
We Help You Fulfill The Purpose Of The Trust
Trustees have weighty financial obligations to ensure that the trust is administered properly. Mistakes made by trustees can defeat the purpose of the trust, negatively impact the beneficiary, and lead to legal trouble. If you have been appointed as a trustee but aren’t sure where to start or if you require professional trust administration services, our Oak Brook trust administration lawyer is happy to help. Contact Bott & Associates, Ltd. today for a personalized consultation.
Choosing Between A Will And A Trust
Wills and trusts can be complicated, but your Oak Brook, Illinois trust administration lawyer can help. At Bott & Associates, Ltd., we have over 20 years of experience helping our clients. We also have wide-ranging experience, with practice areas ranging from estate planning to elder law. Our team is ready to help you plan for your future. Read on to learn more about your next steps, and contact us today to get started.
What Is A Will?
A will is a legal document that specifies how your assets will be distributed after your death. It allows you to name beneficiaries for your property and possessions, appoint a legal guardian for minor children, and designate an executor to oversee the estate settlement process. Wills are straightforward to create but require probate, a court-supervised process that can be time-consuming and public.
What Is A Trust?
Unlike a will, a trust is a legal arrangement where one party, known as the trustee, holds and manages assets on behalf of another party, the beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries. One of the main advantages of a trust is that it does not go through probate, which can save time and maintain privacy.
Benefits Of Wills
Wills are often simpler and less costly to set up than trusts. They are an effective solution for individuals who prefer a direct method of distributing their assets. Wills allow you to directly communicate your wishes regarding who should receive what and how your affairs should be handled after your passing.
Benefits Of Trusts
Trusts offer a higher degree of control over how your assets are distributed. They allow for conditions to be set on asset distribution, such as age benchmarks or specific qualifications the beneficiaries must meet. Trusts also help avoid the probate process, keeping your estate matters private and potentially reducing the time beneficiaries wait to receive their inheritance.
Deciding What’s Best For You
The decision between a will and a trust depends on several factors, including the complexity of your estate, your financial planning goals, and your concerns about privacy. Here are a few considerations to help guide your decision:
Size and Complexity of Estate: Larger, more complex estates may benefit from the detailed arrangements a trust can provide.
Privacy Concerns: If maintaining privacy is a priority, a trust can keep estate settlement private, unlike the public process of probate with a will.
Cost and Time: Initial setup costs for a trust are generally higher than those for a will, but the potential to avoid probate with a trust could save money in the long term.
Becker Legal’s Approach
At Becker Legal, we understand that estate planning is a deeply personal process that requires a thoughtful approach tailored to each individual’s unique circumstances. An Oak Brook, IL trust administration lawyer from our office will take the time to discuss your personal and financial goals, helping you understand the benefits and limitations of both wills and trusts.
Start Planning Today
Deciding between a will and a trust is an important step in managing your future financial affairs. Becker Legal is here to help you navigate these decisions with confidence. Contact us today to discuss your estate planning needs with an Oak Brook, IL trust administration lawyer you can trust.
