A trust in Willowbrook, 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.
If you want, you could create 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 easily spend all the money on some pretty frivolous stuff.
What to Include in Any Willowbrook, IL Trust
There are 4 things that have to be present in every trust for it to be valid in Willowbrook, 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 responsible for putting it to the use that the creator of the trust intended.
The third required element to make a valid trust is the beneficiary or beneficiaries. Because a trust, by definition, is set up to benefit someone or something, that entity must be identified in the trust. However, if the person(s) meant to benefit from the trust do not yet exist, they can still be valid beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For example, you could set up a trust to benefit your grandchildren, even if you don't really have any grandchildren yet.
Finally, and perhaps most importantly, the trust requires a "body." The body of a trust is the thing (normally, but not always, money) that is really being held in trust, and therefore overseen by the trustee, and used to help the beneficiary.
Can A Willowbrook, 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 Willowbrook, Illinois attorney specializing in estate planning can be invaluable.