Drafting a Trust In Peoria, Illinois

Find the right Drafting a Trust attorney in Peoria, IL

A trust in Peoria, 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 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 very challenging) 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 case, the trust fund might not last very long, particularly if the beneficiary is a younger person.

What to Include in Any Peoria, IL Trust

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

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 really 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.

Lastly, 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 Peoria, Illinois Trust Drafting Attorney Help?

While its' easy to list the basic elements that need to be present for a trust to be valid, the actual process of setting up a trust can be a little difficult. For that reason, seeking the counsel of a seasoned Peoria, Illinois attorney to help you set up a trust is probably a good idea.

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

Life in Peoria

Peoria, Illinois is a city in Peoria County, of which it serves as the county seat. It has a population of about 115,000, making it the seventh-largest city in Illinois.

Peoria is named after the Peoria tribe of Native Americans. Peoria, Illinois is considered by many people, because of its demographics and mainstream values, to be the quintessential representation of the average American city, to the point that many marketers use the phrase "Will it play in Peoria?" as a shorthand for evaluating whether or not a product, service, piece of entertainment, etc. will appeal to a wide swath of the mainstream American public. Also, Peoria, Illinois is frequently used as a test market for new products, largely for the reasons just discussed.

Because Peoria, Illinois is such an accurate cross section of the United States, the lawyers of Peoria, Illinois are highly skilled in practicing the areas of law that average people are likely to face, like family law, personal injury, bankruptcy, etc.

So, the chances are very good that if you are in or around Peoria, Illinois, and need legal advice, there's a good chance that a Peoria, Illinois attorney will be able to help you with your issue.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Regel B.
Regel B.

Wills, Trusts and Estates

Caldwell, LA

Brad M.
Brad M.

Wills, Trusts and Estates

Sussex, NJ

David L.
David L.

Wills, Trusts and Estates

Ashland, OH

Gotham Light