If you die without a plan in place, your assets go through probate. That means court involvement, public records, and delays that can stretch for months. Your family will be dealing with legal procedures when they should be grieving. Court costs and legal fees reduce what your beneficiaries ultimately receive. If you become incapacitated, the problems start even sooner because nobody can access your accounts or make decisions on your behalf without court intervention.
Revocable trusts solve these problems.
At Kravets Law Group, Founder Daniel Kravets handles every revocable trust matter personally. He's been practicing law since 2016 and opened the firm in 2020. We've worked with families across the full spectrum of estates, from $300,000 through $30 million. Each situation requires different tools, but the process is the same: understanding what you want to accomplish and building a plan that actually does it.
Why Families Work With Kravets Law Group
Decade of Trust Law Experience
Daniel Kravets has 10 years of experience drafting revocable trusts for Illinois families. The challenges you face depend on what you own and who's involved. Multiple properties create different issues than a single home. Blended families need careful planning to avoid conflicts between children from different marriages. Business owners have to think about succession alongside their personal estate. We've handled all of these scenarios, and we understand the specific concerns that come up with trust planning in this area.
Proven Results for Complex Estates
We've helped families with substantial assets set up revocable living trusts to streamline inheritance, avoid probate, and maintain privacy. Multi-property owners. Blended families. Business owners needing sophisticated asset protection strategies. We assist with funding through deeds and account transfers, making sure the trust actually works when your family needs it.
Flat-Rate Transparent Pricing
Most work gets quoted as a flat rate. You'll know the cost before we start. The quote includes your trust document, pour-over will, powers of attorney, and healthcare directives. Additional fees for deeds and transfer documents? Explained upfront with clear pricing. No bills showing up later that you didn't expect.
Plain-English Explanations with Visual Diagrams
Estate planning isn't about having the right forms filled out. It's about creating a structure that functions properly when it matters. We simplify the process through plain-English explanations and visual estate plan diagrams. Step-by-step reviews mean you leave confident and secure in your plan. Questions get answered before signing.
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"I had a wonderful experience working with Daniel Kravets. Estate planning can feel overwhelming, but he explained everything clearly, guided me through each step with patience, and took the time to answer all my questions. I contacted multiple lawyers before, but Kravets Law Group gave me the best advice and the best price. I am so happy I found this law firm. I highly recommend him!" – Yelena Shvets
Types of Revocable Trust Services We Handle
Our revocable trust lawyer in Northbrook, IL helps families with various trust-related services and estate planning needs.
- Revocable Living Trusts. Most comprehensive estate plans in Illinois include a revocable living trust. The reason is practical: you keep control while you're alive, then assets pass to your beneficiaries without probate. No court. No delays. No public record of your estate. For Northbrook families with real estate, investment accounts, or substantial assets, trusts provide privacy and efficiency that wills can't match.
- Pour-Over Wills. Our wills are designed to work with other estate planning tools when necessary. Pour-over wills complement living trusts, catching any assets not transferred during your lifetime and directing those assets into the trust where they distribute according to your terms rather than Illinois intestacy laws.
- Trust Funding and Asset Transfers. Creating the trust document is only the first step. We prepare deeds to transfer real estate, provide instructions for retitling bank accounts and investment accounts, and coordinate with financial institutions for proper funding. The difference shows when it's time to settle the estate.
- Trust Amendments and Restatements. Marriage, divorce, children, deaths, major asset changes—these are all reasons to update your trust. Minor changes like updating beneficiaries or trustees? We draft amendments. For major revisions, we prepare restatements that preserve the original trust date while rewriting the terms.
How Illinois Law Works
Two main statutes govern trusts in Illinois. The Illinois Trust Code covers trust creation and administration. The Illinois Probate Act covers estate administration.
A revocable trust in Northbrook must be in writing and signed by the settlor. Witnesses aren't required, though notarization is standard. Illinois follows the Uniform Trust Code provisions on trustee duties. Trustees must administer the trust in good faith and in beneficiaries' interests.
You can modify or terminate the revocable trust anytime during your lifetime. That's what distinguishes revocable trusts from irrevocable trusts. After death, it becomes irrevocable and the successor trustee follows your documented distribution instructions. Unlike probate estates requiring court supervision, revocable trusts avoid court involvement entirely. Understanding how trust funding works matters because an unfunded trust provides no probate avoidance benefit.
Benefits of Revocable Trusts Over Wills
Wills require probate. Every will-based estate in Illinois goes through the court system, involving petitions, heir notifications, asset inventories, creditor claims, and court approval for distributions. Simple estates might close in six months. Complex ones take a year or longer.
Probate is public. Court filings become public records. Anyone can look up the case and see what you owned, who inherits, and how much each beneficiary receives. Your family pays legal fees and court costs. If there are disputes among potential heirs, those get resolved in court while everyone's grieving.
A revocable trust in Northbrook, IL avoids this entirely. Assets transfer to beneficiaries without court involvement. The process stays private. The successor trustee distributes assets according to your trust terms, typically within weeks.
And revocable trusts handle incapacity better than wills. A will only takes effect after death, so if you become incapacitated before dying, your family must petition for guardianship. With a revocable trust, the successor trustee automatically takes over. No court involvement.
Funding Your Revocable Trust
An unfunded trust provides no benefit. If assets remain titled in your name, those assets still go through probate.
Real estate transfers through deeds. We prepare warranty deeds or quitclaim deeds conveying property to the trustee of the trust, then record the deed with the county recorder. Property taxes continue at the same rate—there's no reassessment or transfer tax for transfers to a revocable trust.
Bank accounts need new applications or beneficiary updates. Most financial institutions have standard forms for transferring accounts to a trust. The process takes a few weeks but preserves the account's tax identification number and account history.
Retirement accounts like 401(k)s and IRAs shouldn't be retitled to a trust during your lifetime because that triggers immediate taxation. Instead, we name the trust as beneficiary so funds pass to the trust after death without probate and without losing the tax-deferred status.
Life insurance policies pass by beneficiary designation. Naming the trust as beneficiary provides the trustee with liquidity to pay final expenses and taxes.
Successor Trustee Selection
The successor trustee manages the trust after you die or become incapacitated. This person needs financial competence, trustworthiness, and availability to handle administrative tasks.
Many families choose an adult child as successor trustee. This works well when the child has financial experience and can remain impartial among beneficiaries. For families with multiple children, choosing one as trustee can create tension. We sometimes recommend co-trustees or a rotation system.
Professional trustees—banks, trust companies, or attorneys—provide an alternative for families without suitable family members. They charge fees, typically 1-2% of trust assets annually, but bring expertise and eliminate family conflicts.
In Illinois, trustees must provide accountings to beneficiaries showing all trust transactions. They must manage trust assets prudently and avoid self-dealing. We document detailed instructions for successor trustees, including lists of assets, account numbers, and contact information for financial advisors and attorneys.
Contact Kravets Law Group
Estate planning isn't something to put off indefinitely. Whether you're creating a new plan or updating an existing one, Daniel Kravets will review your situation and explain what makes sense for your specific circumstances.
Schedule your free consultation with our revocable trust lawyer in Northbrook. We'll discuss what you're trying to accomplish, explain your options, and quote exact pricing for the work. Most people find that revocable trust planning costs less than they expected.
Daniel handles every case personally. We respond to inquiries within one business day and schedule meetings at times that work for you. Your family deserves proper protection.
