Drafting a Trust In Wheaton, Illinois

Find the right Drafting a Trust attorney in Wheaton, IL

A trust in Wheaton, 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 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 instance, a trust could be set up which permits the beneficiary to spend the money on educational expenses, and nothing else.

If you want, you could implement a trust with no restrictions on how much money the trustee can spend from the trust, and let the beneficiary spend all the money on whatever they'd like. If this is what you want to do, that's fine- but if the beneficiary is a young adult with spendthrift habits, you obviously might want to take into consideration the fact that they could quickly spend all the money on some pretty frivolous stuff.

What to Include in Any Wheaton, IL Trust

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

Second, the trust must further name a trustee. The trustee is the person who is truly going to administer the trust, and has possession and control of the property while it is the subject of the trust.

Third, there must be a named beneficiary. This is the person, persons, or entity who is truly 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 Wheaton, 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 confusing. For that reason, seeking the counsel of a reliable Wheaton, 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 Wheaton

Wheaton is an affluent city located in DuPage County, Illinois. It is very near Chicago (approximately 25 miles away) and located west of Lake Michigan.

Some of Wheaton's attractions include the Cosley Zoo, Arrowhead Golf Club, Cantigny Park and Golf Course, Danada Forest Preserve and Illinois Prairie Path. A very popular historic site includes Grand Theater, which was built in 1925 and is included in the National Register of Historic Places.

Wheaton is also home to many attorneys that practice in various legal fields. Also, being so near Chicago, Wheaton residents can take advantage of Chicago's top-notch legal force. Chicago is home to many top law firms with ivy-league educated attorneys who focus on providing excellent legal services.

All in all, Wheaton is a safe suburb that provides a community-like feel and a wonderful quality of life!

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