Illinois Living Trust Forms
Download the Illinois living trust that allows a person , called a grantor, to set aside assets and property into a separate entity by which he or she can specify how, when and to whom the property and assets are distributed. For instance, a grantor can decide that he or she doesn’t want the beneficiary to receive the assets or property until they have reached a certain age. Or a grantor can specify that the funds in the trust be spent only on health and education. The trustee has a fiduciary obligation to the beneficiaries and must carry out the provisions as they are set forth in the trust.
Revocable vs Irrevocable – A revocable trust may be changed or terminated at any time during the course of the grantor’s life and becomes irrevocable thereafter. An irrevocable trust is not meant to be changed or terminated once it is created and executed.