Illinois Revocable Trusts Compared to Illinois Irrevocable Trusts
What is the difference under Illinois law between a revocable trust and an irrevocable trust?
A revocable trust can be modified, amended or revoked by the maker (also known as the settlor or grantor) of the trust at any time during the maker’s life. With a revocable trust, property passes after the maker’s death to the parties the maker designates without going through probate proceedings with the court. This is often less expensive and requires less time than going through the court probate system. It is also private. Unlike public probate court documents, trust documents are not a matter of public record.
A revocable trust becomes irrevocable after the maker's death and may be used to reduce estate taxes for married couples.
An irrevocable trust cannot be changed after it is created. As with a revocable trust, an irrevocable trust does not pass through the court probate process and is private. In addition, an irrevocable trust can be used to reduce estate taxes for singles and married couples and protect assets from creditors.
Consult a law office that concentrates its practice in the areas of trust preparation and administration if you think you or your loved ones might benefit from establishing a trust.
