Drafting a Trust In Normal, Illinois

Find the right Drafting a Trust attorney in Normal, IL

A trust in Normal, Illinois is a legal arrangement for the management of property by one person, 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 person, who benefits from the property.

Trusts serve a number of purposes. For example, they can be set up to ensure that the beneficiary (say, a child) will consistently have enough money to live off of, but will be unable to spend it all on frivolities.

If you are a trustee, you can authorize 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 extremely difficult) to spend it on things you don't approve of.

A trust could, of course, be much more permissive, if the creator of the trust wants it to be. You could set up a trust permitting the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a situation, the trust fund might not last very long, especially if the beneficiary is a younger person.

What to Include in Any Normal, IL Trust

There are 4 distinct elements that must be present for any trust to be valid in Normal, Illinois. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be stated.

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 responsible 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. 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 really 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 Normal, Illinois Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to memorize, drafting a trust that is likely to be carried out according to your wishes can be fairly difficult. For that reason, a Normal, Illinois attorney specializing in estate planning can be invaluable.

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

Life in Normal

Normal is located in McLean County, Illinois. It was named after the Illinois State Normal University. Normal is located near Bloomington, Illinois; both Bloomington and Normal together are known as the "Twin Cities."

Attractions include the Children's Discovery Museum, the Illinois State University Planetarium, the Bloomington-Normal Constitution Trail, the Ecology Action Center, Braden Auditorium, and the Prairie Fire Theatre.

Some interesting facts about Normal are that the original Steak'n Shake restaurant opened in Normal. Also, Mitsubishi's only North American facility is located here!

Normal is also home to many attorneys who are competent in their respective practice fields. Thus, no legal need of any Normal resident will be left unattended.

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