Philip Sandler is an experienced attorney who has been helping people in Chicago with a wide range of legal issues since the late1970s. He has particular knowledge in trust law which is an area that most people will be fairly unfamiliar with until such a time comes they need it. The below is a fairly simple explanation of what this area of law entails and how it may be relevant to you.
What Is It? Trust Law revolves around the formation of trusts which are relationships wherein property is held by one party usually for the benefit of another. Generally speaking, the person forming the relationship, often called a grantor, will transfer properties to trustee(s), who are tasked with the responsibility of holding the properties for the grantor’s beneficiaries upon the time of passing. It is important to note that the grantor does give up some rights to the property upon the formation of the trust as the property’s legal ownership will often be separated from the benefits and equitable ownership of the property. How many of these rights are given up can usually be determined before creating the trust. Who Should Use It? Philip Sandler Chicago notes that in the vast majority of trust law issues that he has worked on in Chicago, people usually make use of this area of law when creating wills. It allows for the designation of a trustee to be given to somebody who the will maker trusts allowing them to feel more comfortable in regards to what will happen to property upon the grantor’s passing or incapacitation. Comments are closed.
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