Tag Archives: living trust

revocable trusts, DuPage County divorce lawyerI had named my now ex-spouse as beneficiary of my revocable trust. We then divorced. What effect does an Illinois divorce have upon my "revocable trust"?

Many people create what is known as a "revocable" trust. This is also sometimes called a "living trust" because the trust is created while the individual is alive. A person may put assets, money, or property into the trust and then name the trust as the owner of those assets. Upon death, those assets pass to a named beneficiary or beneficiaries. This is typically done to avoid having to file a probate case upon death.

The reason the trust is called a "revocable" trust is because the person creating the trust, or the "settlor," retains the power to revoke the trust and reclaim the assets anytime prior to death.

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