Drafting a Trust In Roselle, Illinois

Find the right Drafting a Trust attorney in Roselle, IL

A trust in Roselle, 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.

A trust can make as many or as few allowances as the person creating it wants. For instance, a trust could be set up which authorizes the beneficiary to spend the money on educational expenses, and nothing else.

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, basically letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Roselle, IL Trust

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

The second required element is a trustee. The trustee's job is to supervise and manage the money that makes up the trust. They are also required to take reasonable efforts to guarantee that the money is only utilized for the purpose of the original trust agreement.

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.

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 Roselle, 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 advice of a Roselle, Illinois attorney if you wish to set up a trust.

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

Life in Roselle

Roselle, Illinois is a city that straddles the border between Cook County and DuPage County. It has a population, as of the 2000 Census, of about 23,000 people.

Roselle was first incorporated in 1922, Roselle started out as an agricultural community, like much of the Midwest. However, in the economic boom that began shortly after the end of the Second World War, urbanites began to flock to the new suburban developments that were cropping up all across the country. Chicago was no exception, and scores of suburban commnities sprouted around it, Roselle being just one of them.

Roselle, Illinois is generally classified as a "bedroom community" for Chicago, meaning that it is almost entirely residential, and most of the people who live in Roselle work in another city, such as Chicago, and commute to work.

This means that the community of Roselle gets a piece of the massive amounts of wealth produced in a large, thriving, industrial city like Chicago. Accordingly, Roselle is fairly well off, economically. Less than 2% of the population of Roselle, Illinois lives below the poverty line.

Thanks to its proximity to a major city, and its economic stability, Roselle, Illinois and the surrounding areas are home to a thriving legal community. It's likely that you'll be able to find a Roselle, Illinois lawyer who can help you with a legal problem. If you need legal counsel, you should contact a Roselle, Illinois lawyer immediately.

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