Drafting a Trust In Buffalo Grove, Illinois

Find the right Drafting a Trust attorney in Buffalo Grove, IL

In Buffalo Grove, 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 permits 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, essentially letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Buffalo Grove, IL Trust

To implement a trust in Buffalo Grove, 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, there must be a trustee. This is the individual who will administer the trust, and retain possession of the property or money that it contains, as well as being accountable for utilizing it to effectuate the trust's purpose.

Third, the trust needs to have a named beneficiary. The beneficiary is the individual who benefits from the trust.

Fourth and finally, the trust must contain what is known as the "corpus" or "body." The corpus is the money and/or property which is being held in trust. For a trust to be legitimate, the corpus must be precisely identified.

Can A Buffalo Grove, 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 confusing. For that reason, seeking the counsel of a reliable Buffalo Grove, 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 Buffalo Grove

Buffalo Grove is known as one of Illinois's most affluent areas. It is a small suburb located north of Chicago.

There are many sites for visitors and residents to enjoy in Buffalo Grove. These attractions include The Raupp Museum, the Buffalo Grove Park District, the Buffalo Saint Mary's Church, and the Buffalo Grove Theaters and Escape. For some fine shopping and dining, Raupp Boulevard is a terrific spot to visit.

Celebrities such as Raymond Benson, Lindsey Durlacher, Vince Vaughn, Dickey Simpkins, and Andy Wozniewski have called Buffalo Grove home.

For legal inquiries, residents have many law firms nearby. Chicago is home to small, mid-size, and large firms that train excellent, top-notch attorneys. Overall, the legal force in Chicago ensures that every legal need of Buffalo Grove residents will be met.

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