Trust Administration Lawyer Lisle, Illinois
We Fulfill Fiduciary Duties For Your Trust
Trusts sometimes get a bit of an unfair reputation, often due to pop culture portrayals of so-called “trust fund babies.” But in reality, a trust is a smart, strategic tool in a well-rounded estate plan. Whether it’s set up to provide for a child, a spouse, or even yourself, a trust can offer peace of mind. We can’t predict the future, but with the help of our Lisle, Illinois trust administration lawyer, your trusts can serve exactly the purpose you intend.
Trusts typically fall into two categories: irrevocable and revocable. Once established, irrevocable trusts cannot be changed or canceled, except in rare, specific circumstances, while revocable trusts can be altered or revoked by the grantor at any time.
No matter what kind of trust is created, it must have one specific legal requirement: it must have a trustee. A trustee is responsible for managing the trust’s assets, making financial decisions in accordance with the trust’s terms, and distributing those assets to the beneficiaries as outlined in the document.
The Madden Law LLC estate planning attorneys offer comprehensive trust services. We can create the right kind of trust for your needs, guide you through the process of serving as a trustee, or even step into that role if you don’t have someone you feel confident appointing. Reach out today to schedule a consultation and get the trusted advice you need.
Comprehensive Trust Administration Services
Illinois trustees have specific fiduciary responsibilities under Illinois estate laws and must adhere to the highest ethical standards. They’re legally obligated to act in the best interest of the trust itself, even if that sometimes conflicts with what a beneficiary might want. Trustees must follow the terms laid out in the trust agreement and comply with federal and state laws. If the trustee fails in their obligations, they are exposed to personal liability and other legal consequences, including criminal ones.
Our Lisle trust administration lawyer helps you understand your legal obligations and explains your duties per the terms of the trust. Because we have such extensive experience creating and administering trusts, we can explain your role and offer guidance and support, no matter how complex the financial arrangements of the trust are. Our goal is to support you in your role as trustee with confidence and clarity.
Our trust administration services include:
Communicating with beneficiaries on behalf of the trust
Creating and maintaining accurate accounting records for all trust-related transactions
Preparing and filing necessary accounting and tax documents
Offering investment guidance to support and grow the trust’s assets
Interpreting trust language to settle disputes or confusion
Completing trust-related transactions to grow its value
Assisting with trust reformation when needed
If you have been appointed as a trustee, you have the right to legal counsel to guide you in your duties. We’re here to help you complete your duties.
Our Experienced Trust Attorney Helps You Fulfill the Trust's Purpose
Serving as a trustee is a serious responsibility. One wrong move could jeopardize the entire intent of the trust and end up harming the beneficiary. Many trusts are created with a very specific purpose in mind, such as enhancing the quality of life for someone with special needs, shielding property in the event of divorce, or protecting a child’s inheritance of a family home.
If you’ve been named a trustee, are looking to create a trust but can’t serve as a trustee yourself, or simply need guidance because you don’t have someone trustworthy to take on that role, our Lisle trust administration lawyer is here to help. Contact Madden Law LLC today for a personalized consultation to learn how we assist you every step of the way.