In Forest Park, 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 Forest Park, IL Trust
To create a valid trust in Forest Park, 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, every trust, to be valid, has to assign a trustee. This is the individual or other entity (such as a corporation) who oversees the property that embodies the trust. They possess and control the property, and are responsible for seeing that it is used according to the purpose of the trust.
The third element is a beneficiary. The beneficiary is a person or entity who the trust is created to benefit. Although a beneficiary has to be named, they don't truly have to exist at the time the trust is written. For instance, if a person sets up a trust to benefit his or her grandchildren, and doesn't yet have any, the trust is valid. If and when their grandchildren are born, the rights that the trust creates will vest in them immediately.
Finally, 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 Forest Park, 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 Forest Park, Illinois attorney to help you set up a trust.