A trust in Glen Ellyn, Illinois is a legal arrangement for the management of property by one individual, for the benefit of another. In the simplest possible terms, if property is held in trust, it is possessed and controlled by one person, but it is technically owned by another individual, who benefits from the property.
Trusts serve a variety of purposes. For instance, they can be set up to ensure that the beneficiary (say, a child) will always have enough money to live off of, but will be unable to spend it all on frivolities.
If you are a trustee, you can allow the beneficiary to access the trust under any conditions you see fit (or make it unconditional, if you want). The point is that, if you make sure the trust agreement is well-constructed, you can help the beneficiary in any way you like, secure in the knowledge that they won't be able (or will find it very challenging) to spend it on things you don't approve of.
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 Glen Ellyn, IL Trust
There are 4 distinct elements that must be present for any trust to be legitimate in Glen Ellyn, Illinois. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be articulated.
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.
Third, there must be a named beneficiary. This is the person, persons, or entity who is actually benefiting from the trust. This person or entity must be precisely identified, or must be identifiable at some point in the future that can be objectively defined.
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 Glen Ellyn, Illinois Trust Drafting Attorney Help?
While it's fairly easy to list off the basic requirements for a valid trust, actually creating and implementing one can be fairly difficult. Therefore, you should probably seek the guidance of a Glen Ellyn, Illinois attorney if you wish to set up a trust.