Drafting a Trust In Chicago, Illinois

Find the right Drafting a Trust attorney in Chicago, IL

In Chicago, 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 Chicago, IL Trust

To implement a legitimate trust in Chicago, Illinois, 4 elements must be present. The first element is purpose - the property being held in trust must be there for a reason. Your trust can serve just about any lawful purpose you can think of.

Second, the trust needs a trustee. The trustee will have possession of the property or money that is being held in trust, and will be accountable for putting it to the use that the creator of the trust intended.

The third required element to make a valid trust is the beneficiary or beneficiaries. Because a trust, by definition, is set up to benefit someone or something, that entity must be identified in the trust. Nonetheless, if the person(s) meant to benefit from the trust do not yet exist, they can still be legitimate beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For instance, you could set up a trust to benefit your grandchildren, even if you don't actually have any grandchildren yet.

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 Chicago, Illinois Trust Drafting Attorney Help?

While it's not difficult to understand the basic requirements of a trust, actually creating a trust can be a bit more perplexing. Therefore, it is advisable to contact a reputable Chicago, Illinois attorney to help you set up a trust.

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

Life in Chicago

Many people often think of Chicago as a mini-New York City with nicer people. Chicago in fact is a large city with a lot to offer tourists, include warm and friendly hospitality.

Popular attractions in Chicago include Willis Tower Skydeck, Millennium Park, Navy Pier, Lincoln Park Zoo, Art Institute of Chicago, Wrigley Field, Grant Park, and the Magnificent Mile. Additionally, Chicago is home to many great restaurants. In fact, the style of deep-dish pizza originated in Chicago.

If one would like to catch a Broadway show, they can at Broadway Theater. Famous universities such as Northwestern University and the University of Chicago also have wonderful, historical campuses that tourists often enjoy touring.

Being such a well-known city, many firms have office locations in Chicago, Illinois. Firms such as Baker McKenzie, Sidley Austin, Mayer, Brown Platt, and Winston Strawn have large offices that employ brilliant attorneys. Additionally, many small and mid-size firms are also present in Chicago. All in all, residents of Chicago have no need to worry for any legal inquiry of theirs can be handled by the legal force in Chicago.

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