Illinois Trust Administration
If a person who created a trust becomes disabled or dies, the successor trustee will be working to administer the trust. Trust administration means the following the rules of the trust and requirements set forth under the law to achieve the goals of the trust.
There are many types of trusts and many reasons to create trust
For purposes of this writing, let’s assume that the trust is an entity created by a written document for estate planning reasons and that the trust they created was a revocable living trust. The person who created the trust was the settlor. The person initially in charge was the trustee. The settlor and trustee were likely the same person. The settlor likely stated in the trust that the successor trustee should use trust assets first for the benefit of the settlor, and later, after the death of the settlor, should either distribute or hold assets for beneficiaries.
There are many duties and responsibilities that fall on the successor trustee who is a fiduciary and who must administer the trust properly and in accordance with the terms of the trust.
At Navigant Law Group, we know that most trust administration clients have never done this type of work before. We help them to understand the ground rules of trust administration under the law and under the trust itself and to guide them to a successful completion of the goals of the trust. This is complex and important work. We work hard to help our clients navigate the waters of administration efficiently to ensure that the wishes of the settlor are honored.
A Plan That You And Your Family Can Rely On
From accepting duties of office, to creation of inventories and accountings, to filing tax returns and giving information to beneficiaries in order to settle the trust and distribute assets appropriately, we work hand in hand with our trustees. We provide advice on the fiduciary role of the trustee and the duties of the trustee along the way. We use our experience for the benefit of the trustee to avoid pitfalls and to find efficiencies. We believe that the best gift you can give your family at your death is a well thought out estate plan. The administration of that plan in a smooth and efficient manner honors the deceased settlor and promotes family harmony. We are honored to help with this process.
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Give us a call at (847) 253-8800 or complete the form to get in touch with our legal team.