A trust in Round Lake Park, 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.
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 authorizes the beneficiary to spend the money on educational expenses, and nothing else.
Because you, as the trustee, can determine 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 Round Lake Park, IL Trust
There are 4 distinct elements that must be present for any trust to be valid in Round Lake Park, 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 ensure that the money is only used 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 clearly identified, or must be identifiable at some point in the future that can be objectively defined.
Fourth and finally, there must be some money or property which is really going to be held in the trust. This property is referred to as the "corpus" (body) of the trust, and can be just about anything. However, it must really exist, and it must be identified.
Can A Round Lake Park, 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 complex. For that reason, a Round Lake Park, Illinois attorney specializing in estate planning can be invaluable.