| Ackerman Law Office, P.C.
230 West Carpenter Street Springfield, IL 62702-4940 Toll Free: 1.888.889.1977 Tel: 217.789.1977 Email James W. Ackerman |
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Trusts A Trust is a relationship created at the direction of an individual, in which one or more persons hold the individual's property subject to certain duties to use and protect it for the benefit of others. The law of trusts is voluminous and often complicated, but generally it is concerned with whether a trust has been created, whether it is a public or private trust, whether it is legal, and whether the trustee has lawfully managed the trust and trust property. A living trust is frequently used by people who want to avoid probate. A living trust can be a relatively simple trust. By placing virtually all of a person's assets in the trust, probate can be unnecessary. People may want to avoid probate for many reasons. Probate can be expensive. Probate is also public. Some people do not want friends to know about their personal business. Another consideration is claims of creditors. By avoiding probate, an estate can avoid the claims of many creditors.
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