Thursday, November 12, 2015

Change In Management

Agnes has learned that her living trust can accomplish after-death distribution of her property, much like a Will would. But her trust has an advantage for her out-of-state adult children. 

They will not need to file a probate court case here in Illinois after Agnes’ death in order to distribute her property as she directs them to in her trust.  They will not have to pay a special title insurance bond premium either, which saves money.

Agnes named her son, John, to wear her “trustee hat” and be her successor co-trustee.  After her death, John will have legal authority to manage her property, including whether to rent it out or sell it.  He will be authorized to sign a Deed to sell it without going to court first, because the owner of the property is the trust, not Agnes.

Because the trust is a piece of paper and so cannot die, Agnes’ death simply will mean there is a change in management.  As the successor trustee, John (or his sister Betty, if John does not take on the job for some reason) will follow the directions Agnes left for distributing her assets on the terms she specified.  When all is done as she wanted, the successor trustee will close the trust. 

For advice 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 set an appointment for individualized analysis of your specific situation. 

©2015 Gruber Law Office, Ltd.

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