ROCKFORD, ILLINOIS, TRUSTS ATTORNEY
Trusts are a useful asset for a person to have when it comes to dividing property after death. There are two types of trusts, a living (inter vivos) trust and an after-death trust. A living trust is established by the person while they are still alive, but an after-death trust only takes effect until after the grantor has died.
Creating a trust isn’t just for the wealthy. Trusts are beneficial to those who have minor children by helping to avoid probate court, which could tie up an estate for years. At Law Office of Bradley R. Tengler, P.C. we want to ensure a person’s property is properly taken care of before their passing.
A trust is usually set up with a grantor (the person setting up the trust), the trustee (the one that manages the trust) and the beneficiary (the one that will benefit from the trust). In some instances the same person will serve in all three positions. However, it is important to leave a successor trustee and beneficiary once the person passes. Setting up a trust can provide for minor children and loved ones immediately after ones death. It will avoid a possibly messy court process in dividing a person’s assets.
CONTACT A ROCKFORD, ILLINOIS, TRUST ATTORNEY
For more information about setting up a trust, feel free to contact our Rockford office at 815-515-4168 for a free consultation. Attorney Tengler is available Monday through Saturday for appointments. We handle cases in Rockford and throughout nearby areas of Illinois.