Trust Administration

Chicago Estate Planning | Trust AdministrationSimilar to the probate process, trust administration seeks to transfer all estate assets and property, effective at the death of the grantor. Whereas the Last Will & Testament carries out estate disposition through the formation of irrevocable trusts and the legal supervision of the Illinois Probate Court, trust administration accomplishes the same effect through the structuring of a revocable living trust.

Advantages & Disadvantages

Trust Administration boasts many distinct advantages when contrasted with probate involvement. For instance, a grantor can avoid the Illinois probate court all together to allow for a cheaper and faster allocation of estate assets. Avoiding probate with trust administration may be valuable through the separation of private estate matters from public scrutiny in a court room dispute. This estate planning tool can also pose utility in the elimination of fees and costs associated with the probate process.

Trust administration could be potentially disadvantageous through the lack of legal supervision in the event of an argument between beneficiaries. Here, the probate process can be a useful resource as it provides an unbiased legal overseer to help heirs settle disputes of inheritance in an organized manner. Another disadvantage to trust administration is that it allows credits a longer window of opportunity to file claims against the grantor and the respective beneficiaries as compared to probate.

Our Chicago estate planning attorneys provide the legal counsel to assist our clients in exploring the numerous manners to allocate estate resources, from trust administration to probate.
Estate can be a an arduous and strenuous process for families, especially when the process involves so many life-altering choices. The best method for estate disposition may also not be obvious without practiced legal experience. A smart and hasty estate planning decision could even amount to the difference of tens of thousands of dollars. Our Chicago estate planning attorneys provide legal representation to evaluate the most effective options of estate disposition for individuals, families and professionals.

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