Trust Administration

Chicago Estate Planning | Trust AdministrationLike 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 allocates estate property and assets through the creation of irrevocable trusts and the legal oversight of the Illinois Probate Court, trust administration accomplishes the same effect through the structuring of a revocable living trust.

Advantages & Disadvantages

Trust Administration poses many distinct advantages when compared to the probate process. 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 a dispute between beneficiaries. Here, the probate process can be a valuable resource as it provides an unbiased legal judge help individuals, families and heirs settle disputes of inheritance in a fair and equitable 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 offer the legal counsel to assist individuals, professionals and families in navigating the various manners to allocate estate property and assets, 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.