Legal Question in Real Estate Law in Illinois
The ownership of a home of a relative was recently changed from his and his wife's name to his and his wife as trustees. What does this mean exactly? They have a son, approx. age 23. Have a feeling they lost a lot of money last year investment wise. Is it possible they're doing this to avoid losing their home? And is it possible to find out who they are "trustees" for?
2 Answers from Attorneys
Hi. All it means is that they set up living trusts for estate planning purposes, and re-titled their home into the trust. Trusts do not protect from creditors.
Hello. They set up a living trust. They may have done so to protect assets, although that usually only delays things. It does avoid probate and make the distribution of their estate easier in many cases. Usually they are trustees for the trust and they are the likely beneficiaries of the trust during their lifetime, with a successor trustee and successor beneficiaries.
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