Drafting a Trust In Bloomington, Illinois

Find the right Drafting a Trust attorney in Bloomington, IL

In Bloomington, Illinois, a trust is an arrangement in which property is held by one individual (the trustee) for the benefit of another (the beneficiary).

You might want to set up a trust for a wide number of reasons. It can be set up to guarantee that a child will have money for college, for instance, and that the child will only be able to use the money for that purpose.

A trust can make as many or as few allowances as the person creating it wants. For instance, a trust could be set up which allows the beneficiary to spend the money on educational expenses, and nothing else.

Because you, as the trustee, can decide the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, effectively letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Bloomington, IL Trust

To formulate a trust in Bloomington, Illinois, 4 things are required. The first is purpose - the trust must be set up to serve some sort of objective, and it must be precisely stated in the document that creates the trust.

Second, the trust must further name a trustee. The trustee is the person who is actually going to administer the trust, and has possession and control of the property while it is the subject of the trust.

Third, there must be a named beneficiary. This is the person, persons, or entity who is actually benefiting from the trust. This person or entity must be precisely identified, or must be identifiable at some point in the future that can be objectively defined.

Lastly, the trust needs to have a corpus, or body. The "body" of the trust is the property that benefits the beneficiary, and that the trustee oversees. Obviously, there can be no trust without something being held in trust.

Can A Bloomington, Illinois Trust Drafting Attorney Help?

While its' easy to list the basic elements that need to be present for a trust to be valid, the actual process of setting up a trust can be a little perplexing. For that reason, seeking the counsel of a reputable Bloomington, Illinois attorney to help you set up a trust is probably a good idea.

Talk to a Wills, Trusts and Estates Law Attorney now!

Life in Bloomington

Bloomington is located in McLean County, Illinois. Bloomington is one of the cities that is a part of Illinois "Twin Cities." The other city is adjacent Normal, Illinois. Some other names for Bloomington include "Bloomtown," "B-Town," and "Bloomies."

Some popular attractions in Bloomington include Grady's Family Fun Park, the Pepsi Ice Center, the U.S. Cellular Coliseum, the Bloomington Parks Recreation Department, Miller Park Zoo, Constitution Trail, and the Bloomington Center for the Performing Arts.

Bloomington is also filled with law offices and firms that train competent attorneys to handle any and every legal inquiry. Therefore fellow Bloomies can stay rest assured because their legal needs can be met by Bloomington's legal force.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Regel B.
Regel B.

Wills, Trusts and Estates

Caldwell, LA

Brad M.
Brad M.

Wills, Trusts and Estates

Sussex, NJ

David L.
David L.

Wills, Trusts and Estates

Ashland, OH

Gotham Light