Drafting a Trust In Elgin, Illinois

Find the right Drafting a Trust attorney in Elgin, IL

In Elgin, 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 Elgin, IL Trust

There are 4 things that have to be present in every trust for it to be valid in Elgin, Illinois. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it quite clear when drafting the document.

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.

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. However, if the person(s) meant to benefit from the trust do not yet exist, they can still be valid beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For example, you could set up a trust to benefit your grandchildren, even if you don't truly have any grandchildren yet.

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 Elgin, 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 Elgin, Illinois attorney to help you set up a trust.

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

Life in Elgin

Elgin is located in the northern part of Illinois, northwest of Chicago and along the Fox River. The city is home to about a little over 108.000 people.

Elgin is known for its architecture. It has many landmarks inspired by the Victorian era. These landmarks include the Elgin Public Museum, which is the oldest building in Illinois.

Other popular attractions include the Elgin Symphony Orchestra, the Elgin Choral Union, the Cook County Forest Preserves, the Bluff Spring Fen, Northwest Tollway, and Trout Park.

Elgin also is home to many attorneys who practice law with enthusiasm and devotion to excellence. Therefore, Elgin residents have no reason to worry because their legal needs can be easily taken care of.

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