Are you looking for a trust lawyer in Joliet, IL?
At Kravets Law Group, we offer confidential consultations with an experienced Joliet trust lawyer.
If you are planning how your assets will be managed and passed on, or you have been named trustee of a family trust in Joliet, an attorney can help you choose the right structure and carry it out correctly. Our Joliet, IL trust lawyer creates revocable, irrevocable, dynasty, special needs, life insurance, and charitable trusts.
Every trust matter at Kravets Law Group is handled personally by our attorney, who has 10 years of experience. Most trust documents are offered at a flat rate. Contact our office to schedule a consultation.
Trust Lawyer Joliet, IL
A trust attorney drafts and implements legal arrangements in which a trustee holds and manages property for the benefit of named beneficiaries. The work includes selecting the right type of trust, drafting its terms, transferring assets into it, and advising the trustee who will administer it.
Residents aged 65 and older make up 11.5% of Joliet’s population, according to Census Bureau QuickFacts. For older residents and their families, a trust can provide for management of assets during incapacity and a private transfer to the next generation without a probate case.
Types of Trust Cases We Handle in Joliet
Families use trusts for different reasons, including probate avoidance, tax planning, long-term support for a family member with a disability, and protection of wealth across generations. As trust attorneys serving Joliet, IL, we explain each option in plain English and use a visual diagram of the proposed plan so clients can see how their assets will pass.
- Revocable trusts. A revocable trust lets you keep control of your assets and change the terms at any time. It is the foundation of many estate plans because it allows property to pass without probate. We also prepare the funding instructions that put the trust into effect.
- Irrevocable trusts. An irrevocable trust generally cannot be changed once it is signed. In exchange, it can remove assets from a taxable estate and offer protections that a revocable trust cannot.
- Dynasty trusts. A dynasty trust is designed to hold family wealth for children, grandchildren, and later generations under a single set of rules. We draft distribution standards that balance access to funds with long-term protection.
- Special needs trusts. These trusts provide for a person with a disability while preserving eligibility for SSI and Medicaid. We counsel parents on funding options and on the responsibilities the trustee will carry.
- Life insurance trusts. An irrevocable life insurance trust owns a policy so that the proceeds can be kept outside the insured person’s estate and distributed according to the trust’s terms.
- Charitable trusts. A charitable trust allows a client to benefit a charitable cause while also providing for family members, often with tax advantages. We coordinate these gifts with the rest of the estate plan.
- Wills. A pour-over will works alongside a trust by directing any assets left outside the trust into it after death. It also names guardians for minor children.
- Trust administration guidance. After the person who created the trust dies, the successor trustee must collect assets, communicate with beneficiaries, and make distributions. We advise trustees through each of those duties.
Why Choose Kravets Law Group as My Trust Lawyer in Joliet, IL?
Trust Structures Designed Around Each Family
Daniel Kravets has 10 years of experience with trust matters and handles each one personally. He earned his J.D. from Drexel University’s Kline School of Law, is licensed in Illinois, Pennsylvania, and New Jersey, and is a member of the Chicago Bar Association. Trust work is closely connected to wills, powers of attorney, and probate planning, and clients can address all of those needs by working with an estate planning lawyer in Joliet, IL who handles the full plan. Revocable trusts are at the core of our estate planning practice, and our trust work extends to more specialized structures when a family’s goals require them.
Trust Planning Results
Our work as a trust lawyer in Joliet and across Illinois has included:
- Customized trust structures for families with significant assets
- Dynasty trusts that protect wealth across multiple generations
- Special needs trusts that preserve benefits for disabled beneficiaries
- Estate plans for families holding $300,000 to more than $30 million in assets
Most trust documents are available at a flat rate. Contested or more involved trust matters are billed hourly or by project, and we explain the arrangement before work begins.
What Is Important To Understand About Trust Cases?
Key Trust Structures and What They Do
Each type of trust serves a different purpose, and many plans combine more than one.
- Revocable living trust. This trust holds assets during your lifetime and passes them to beneficiaries without probate. A living trust is one common form.
- Irrevocable trust. It transfers ownership of assets out of your name, which can support tax planning and asset protection. Assets generally cannot be reclaimed once they are transferred.
- Special needs trust. It holds assets for a person with a disability in a way that is designed to preserve eligibility for government benefits. Parents often name the trust, rather than the child, as beneficiary of other assets.
- Dynasty trust. It keeps assets in trust for several generations rather than distributing them outright.
- Pour-over will. This document moves any assets left outside the trust into it at death.
What Are Important Aspects of a Trust Case?
The value of a trust depends on the decisions made while it is being designed. A trust attorney in Joliet should review the following issues with each client.
- Revocable or irrevocable. A revocable trust keeps flexibility, while an irrevocable trust provides asset protection and tax benefits at the cost of control. The benefits of trusts vary by type.
- Funding. A trust controls only the property titled in its name. Proper trust funding through deeds and account transfers is what allows the trust to avoid probate.
- Government benefits. The Social Security Administration’s guidance on trusts explains that assets in a revocable trust generally count as a resource for SSI purposes. A special needs trust must be structured carefully to avoid that result, and parents should also consider how other relatives leave money to the same child.
- Trustee selection. The successor trustee will manage assets, keep records, and communicate with beneficiaries. Families often name a backup trustee or co-trustees. A professional trustee is another option when no family member is suited to the role.
- Long-term planning. Well-publicized estates have shown how trust planning decisions made years earlier affect what heirs receive, which is why trusts should be reviewed after major life events.
What Is the Trust Case Timeline?
The time required depends on the number of trusts involved and the assets that must be transferred. Most trust plans follow this sequence.
- Consultation. We review your goals, family circumstances, and assets.
- Design. We recommend a structure and present it in a visual diagram for your review.
- Drafting. We prepare the trust documents and revise them based on your feedback.
- Signing and funding. You sign the documents with the required witnesses and notary. Deeds are then recorded and accounts retitled into the trust.
- Administration. After death, the successor trustee manages and distributes the trust assets according to its terms. For a funded trust, this process generally takes place without court supervision.
What Should You Bring to Your Trust Consultation?
Documents about your assets and family allow us to recommend a specific structure at the first meeting.
- A list of real estate, bank accounts, investments, and retirement accounts
- Life insurance policies and beneficiary designation forms
- Any existing trust, will, or power of attorney
- Business ownership documents, if applicable
- Information about any beneficiary who receives government benefits
At the consultation, our Joliet trust attorney explains the options that fit your goals, answers questions about creating a trust, and provides the cost before work begins. If you have been named successor trustee of an existing trust, bring the trust document and a copy of the death certificate.
Will County Probate Court and Local Resources
Estates of Will County residents that require court involvement are heard by the Twelfth Judicial Circuit at the Will County Courthouse in downtown Joliet. The Twelfth Judicial Circuit covers all of Will County. Assets held in a funded trust generally pass outside that process. When assets were not transferred into the trust, a Joliet probate case may be necessary to transfer them.
Deeds transferring real estate into a trust are recorded with the Will County Recorder of Deeds, and property tax information is available through the Will County offices in Joliet. Residents living in the Kendall County portion of Joliet record deeds and file probate matters in Kendall County.
Reach Out to Kravets Law Group to Schedule a Consultation
A trust attorney in Joliet, IL can help you choose a structure that protects your assets and provides for the people who depend on you. Kravets Law Group offers flat-rate pricing on most trust documents. At your consultation, we will review your goals and recommend the trusts that fit your plan. Contact us to schedule a meeting.