Geneva Estate Planning Lawyer
Revocable Trusts Attorney in Geneva, Illinois
Take control of your legacy while you still can; contact us today to start creating an estate plan that enforces your wishes.
Revocable living trusts are an invaluable option to consider when making financial planning decisions. You want to find the right Geneva revocable trusts lawyer to help you figure out if this option fits your needs. Our team can help you understand the must-knows of this form of estate planning.
At Nowling Law, LLC, our team works with every aspect of estate planning law. Revocable trusts are one of the areas we focus on, and they can benefit some clients more than a traditional will.
Why Should You Hire a Revocable Trusts Lawyer at Nowling Law, LLC?
Our firm has an experienced, professional legal team dedicated to helping you make informed decisions about your assets. Known throughout St. Charles and the northern and western Chicago suburbs, Scott Nowling has decades of practice in estate planning, real estate, and business management.
A revocable trust is a helpful financial planning tool, but it can also be a dense one. Our team is familiar with these documents and can explain all the ins and outs to you. We have helped many clients across the suburbs formalize the details of their trusts and estate plans, making their financial planning that much easier and ensuring they are happy with every detail.
What Is a Revocable Trust?
A revocable trust, sometimes called a revocable living trust, is a plan you set up during your lifetime to manage your assets. These documents are called living because they are set up and take effect while you are alive. The named trustee (often yourself) can help manage your assets from the moment the trust is formally completed.
Revocable trusts provide solid alternatives to wills since they can be frequently updated, and assets can be managed in different ways. When you place property in a trust, it is no longer considered part of your estate and is controlled by the trustee.
After death, a trust also allows trust users to avoid the lengthy probate process. It ensures that your assets are in the hands of someone you trust, and you can add assets to the trust at any time through retitling.
In Geneva, over 45% of households have an income of $150,000 or more. For those with high estate values, revocable living trusts might be the tool you need to complete your estate planning. With more assets comes more necessity for management, preferably by someone you trust.
What Can a Revocable Trust Do?
Revocable trusts have many benefits over other estate planning tools. They allow you to:
- Keep your financial planning private
- Avoid the difficult and often frustrating probate process
- Make changes to and access your trust throughout your life
- Retain control of your property while keeping it protected
- Name beneficiaries for your estate when the time comes
What Is the Difference Between Revocable and Irrevocable Trusts?
The most salient difference between the two trusts is hinted at by their names. Revocable trusts can be changed, updated, or revoked while the grantor is alive. Irrevocable trusts, however, are largely unchangeable agreements.
Both trusts share many similarities, including the benefits of avoiding probate and having more thorough protection of your assets. As with all trusts, they have three important components: a grantor, trustee(s), and beneficiaries.
With a revocable trust, you are usually the trustee while you are alive and capable of managing the trust. You can name one or more successor trustees to take over this responsibility when necessary. Upon death, the trust typically becomes irrevocable.
The grantor of an irrevocable trust normally can’t take control of trust assets. This type of trust requires the grantor to relinquish management when the trust is created.
Why Do I Need a Geneva Revocable Trusts Attorney?
While revocable trusts are often preferable to wills, especially for those with high estate values, revocable trust laws can also be trickier to navigate. When dealing with complex legal requirements, it never hurts to have a trained lawyer who can walk you through the process.
A 2025 study showed that 13% of Americans have living trusts. This leaves a lot of people without plans for their estate when they’re no longer able to manage it. When you hire a revocable trusts lawyer, they can help you create a trust document to plan for the management of your estate.
They can go over all legal implications and requirements to ensure you understand the process. If there are complex issues or disputes, we can represent you at the 16th Judicial Circuit Court.
FAQs About Geneva, IL Revocable Trusts Laws
Do I Need a Lawyer to Set up a Revocable Trust in Geneva?
Technically, you do not need a lawyer to set up a revocable trust in Geneva, but you should have one. Our experienced team is trained to help clients through this exact process. If you’re not familiar with Illinois trust law and the precedent of revocable trust cases, it can be a good idea to have a lawyer involved in the creation of your trust.
What Is the Downside of a Revocable Trust?
The major downside of revocable trusts is not being able to shield your estate from creditors and taxes. Compared to wills, the most common form of estate planning, revocable trusts do not allow you to name guardians for children, and they can also be more time-consuming to create. For many, the benefits outweigh these costs.
How Much Does a Lawyer Charge for a Revocable Trust in Geneva?
The cost of a lawyer for a revocable trust depends on the lawyer, the complexity of the estate, and the time it takes to create the trust. Whether the lawyer charges a flat or hourly rate can also affect this price. We can discuss our fees with you during an initial consultation.
Can Money Be Taken Out of a Revocable Trust in Geneva?
Money can be taken out of a revocable trust by the grantor at any point during their life, since they retain control of the trust. When the trust passes to the trustee(s), they can also withdraw money, so long as it follows the rules set up in the trust.
Contact Nowling Law, LLC
Taking control of your estate planning is something better done sooner rather than later. To get all the information you need about revocable living trusts in Geneva and start setting up your own, reach out to our team today.
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