Revocable Trust for Single Individual (Trust(s) for Children) (IL)
Summary
This template is a revocable trust for use by an unmarried individual as part of a generational wealth transfer plan for the settlor's children. Upon the settlor's death, assets are held in trust for the benefit of the settlor's children. This template contains practical guidance, drafting notes, and alternate clauses and optional clauses. This template includes options for either (1) a shared "pot" trust for the benefit of the settlor's children collectively, or (2) separate share trusts for each of the settlor's children. The default pot trust provisions distribute all of the trust assets to the settlor's children in a single pot trust, known as the family trust in this agreement, upon the settlor's death. The trustee will administer the assets of the family trust until such time as the youngest child reaches age 25. The trustee has broad discretion in providing for the children and is not required to treat them equally. When the youngest child reaches the age of 25, the trustee ...