In Crystal Lake, Illinois, a trust is an arrangement in which property is held by one person (the trustee) for the benefit of another (the beneficiary).
You might want to set up a trust for a wide variety of reasons. It can be set up to ensure that a child will have money for college, for example, 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 example, a trust could be set up which permits the beneficiary to spend the money on educational expenses, and nothing else.
If you want, you could create a trust with no restrictions on how much money the trustee can spend from the trust, and let the beneficiary spend all the money on whatever they'd like. If this is what you want to do, that's fine- but if the beneficiary is a young adult with spendthrift habits, you obviously might want to take into consideration the fact that they could easily spend all the money on some pretty frivolous stuff.
What to Include in Any Crystal Lake, IL Trust
There are 4 distinct elements that must be present for any trust to be valid in Crystal Lake, Illinois. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be expressed.
Second, there must be a trustee. This is the person who will administer the trust, and retain possession of the property or money that it contains, as well as being responsible for using it to effectuate the trust's purpose.
Third, the trust needs to have a named beneficiary. The beneficiary is the person who benefits from the trust.
Fourth and finally, the trust must include 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 valid, the corpus must be clearly identified.
Can A Crystal Lake, 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 confusing. Therefore, it is advisable to contact a knowledgeable Crystal Lake, Illinois attorney to help you set up a trust.