Thursday, October 29, 2015

Grantor Is First

Agnes is finding out that she can be fully in control of her own revocable living trust so long as she is alive and able to handle her own affairs.  Plus, the living trust means her out-of-state adult children won’t have to go through probate court proceedings here in Illinois to take care of wrapping up her financial affairs after her death.

Agnes is in full control of her property held in her new living trust when she wears all three hats, as grantor, trustee and beneficiary, even though her trust, not Agnes, is the official owner of the property. 

As grantor, Agnes creates the trust.  When she creates the trust, she names who will inherit after her death and who will be in charge of paying her final debts and making sure the people she named receive her remaining property. 

The grantor also is the person who provides property for the trust to own; that is, Agnes funds the trust.  She plans to put just about everything she owns into her trust. 

As grantor, Agnes also is the only person who has full power to change or revoke it if she ever wanted to. 

For answers about living trusts or wills for yourself or someone you know who needs help with estate planning, call our office at (815)436-1996 to receive free informational brochures and information or to set an appointment for individualized analysis of your specific situation. 

©2015 Gruber Law Office, Ltd.

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