Revocable Trust for Individual with Spouse or Partner
(Trust(s) for Children) (IL)


Summary

This template is a revocable trust for use by an individual with a spouse or partner as part of a generational wealth transfer plan. Upon the settlor's death, assets are distributed to the surviving spouse or partner or held in trust for the benefit of the settlor's children. This template contains practical guidance, drafting notes, alternate clauses, and optional clauses. Upon the death of the settlor, the residuary estate is distributed to his or her spouse or partner. If the spouse or partner does not survive the settlor, all assets are left to the settlor's children in trust. 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. The trustee will administer the assets of the family trust ...