Drafting a Trust In Tinley Park, Illinois

Find the right Drafting a Trust attorney in Tinley Park, IL

A trust in Tinley 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 perpetually 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 permits 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, essentially letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Tinley Park, IL Trust

To establish a valid trust in Tinley Park, Illinois, 4 elements must be present. The first element is purpose - the property being held in trust must be there for a reason. Your trust can serve just about any lawful purpose you can think of.

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.

Third, the trust also has to name a beneficiary. This is the person or entity (such as a charitable organization) who is going to benefit from the trust.

Finally, and perhaps most vitally, the trust requires a "body." The body of a trust is the thing (typically, but not always, money) that is directly being held in trust, and therefore overseen by the trustee, and used to help the beneficiary.

Can A Tinley Park, 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 confusing. Therefore, you should probably seek the help of a Tinley Park, Illinois attorney if you wish to set up a trust.

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

Life in Tinley Park

With a population of over 59,000, Tinley Park is one of the fastest growing suburbs of Chicago. The village is located mostly in Cook County, Illinois, though some of it overlaps into Will County. Tinley Park was chosen by Business Week as the best place in America to raise a family in the year 2009.

Tinley Park received its first economic impulse in the early 1900's with the introduction of railroads. Several industrial companies opened their establishments in the area, providing many jobs and activities for residents. Recently Tinley Park is known for its high-pace residential development which has led to its continued population growth.

Visitors to Tinley Park are usually welcomed with a hefty dose of artistic and recreational opportunities. A main venue for concerts is the First Midwest Bank Amphitheatre, formerly known as The World Music Theater. It is an outdoor venue which seats 28,000. Additionally, a Tinley Park Arts Council has been created for the purpose of promoting and supporting the arts and events in Tinley Park.

Lawyers in Tinley Park, Illinois will usually file your legal claims in the Cook County Circuit Court. Tinley Park lawyers are prepared to assist clients in a wide array of legal issues and disputes.

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