Will for Individual with Spouse or Partner (Trust(s) for Children) (IL)
Summary
This template is a complete will for use by an individual with a spouse or partner. It provides for the residuary estate to go into either (i) a single "pot" trust for the benefit of the testator's children collectively, or (ii) separate share trusts for each beneficiary. It contains practical guidance, drafting notes, alternate clauses, and optional clauses. This template is suitable for use in Illinois. It is designed for an individual who wants their residuary estate to go outright to the surviving spouse or partner, or, if there is no surviving spouse or partner, to go into trusts for the benefit of their surviving descendants who have not yet reached the age specified. Options are included for either a single pot trust or separate share trusts. Beneficiaries over the age specified receive their shares outright. Pot trusts aim to distribute assets equitably to a group of children or other beneficiaries of a possible range of ages. The purpose of this trust arrangement is to avoid ...