Essential Clauses for Your Illinois Revocable Living Trust - Mary Liberty

From Illinois Estate Law – Essential Clauses for Your Illinois Revocable Living Trust explores the must-have provisions every Illinois resident should consider when drafting a revocable living trust.

In the first segment, we introduce the concept of a revocable living trust in Illinois, explaining how the grantor (settlor) retains control over the assets during life, and how naming a trustee and successor trustee ensures continuity in management. We also touch on how a trust differs from a will, particularly in terms of privacy and probate avoidance.

In the middle portion, the podcast dives into the essential clauses that make a trust robust. These include a disability/incapacity clause (so the successor trustee can step in), a spendthrift clause (to protect the trust from creditors of beneficiaries), a no-contest (in terrorem) clause (to discourage challenge litigation), and clear termination or distribution provisions. We also discuss how to structure amendment and revocation provisions so the trust remains flexible over time.

Finally, we look at best practices: how to properly fund the trust (retitling real estate, bank accounts, etc.), coordinating the trust with a pour-over will, maintaining alignment with powers of attorney, and periodically reviewing and updating your estate plan. Listeners will come away empowered to ask their estate attorney sharp, clause-level questions for a trust that really works.

Illinois Estate Law

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