Arrange A No Pressure
Free Consultation 708.390.8936
Experienced. Trusted. Responsive.

Trusts can facilitate family business succession

At a very basic level, to create a trust in Illinois, a property owner makes an agreement or declaration for a trustee to administer his or her property. While the necessary elements are simply stated, the creation of a trust document must be carefully crafted to avoid probate when a person dies. According to the Illinois State Bar Association, a person can create a revocable living trust, which means that the trust is administered during the person’s life and after death. In a living trust, a person can also provide for contingencies such as incapacity.

A survey conducted by WealthCounsel revealed that only 17 percent of Americans have a trust. The survey found several common factors for not creating a trust. Many identified difficulty in finding a trusted adviser as a major deterrent. Others expressed the opinion that their assets and wealth were insufficient to create a trust. Finally, many stated that speaking with family members about planning for death is something they prefer not to do. Nonetheless, the advantages for creating a trust may outweigh these and other perceived obstacles.

Depending on a person’s needs, a trust may be created for business succession. Through a trust, an owner of a family business can clearly articulate the purposes, objectives, and goals of a business. A duly appointed trustee is both required and empowered to carry out the business of the trust according to the testator’s instructions. Among other benefits, a trust for business succession allows a business to carry on after the death of a principal and help avoid involving the business in the probate process.

No Comments

Leave a comment
Comment Information
Get Help Now

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Zapolis & Associates, P.C.
9991 191st Street
Mokena, IL 60448

Phone: 708-390-8936
Phone: 708-478-5050
Fax: 708-478-5052
Mokena Law Office Map

Review Us