A living trust or otherwise known as a "Revocable Living Trust" is a written agreement that describes one's specific wishes regarding the distribution of property upon their incapacity or death. A living trust enables a person to create a fictional person, which was created under law. For example, Steve and Ann Smith draft a Living Trust, which distributes their property upon their death to their, four (4) children equally. Steve and Ann Smith own a home at 1234 Smith Circle, Naperville, Illinois 60605. Steve and Ann Smith draft a Quit Claim Deed, which transfers their home residence into the Living Trust of Steve Smith and Living Trust of Ann Smith (each have fifty (50) percent interest. Thus, this is an effective way to avoid probate court.
Sean Robertson, Attorney at Law
Robertson Law Group, LLC
312-498-6080 or 630-364-2318
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment