Revocable Trust for Individual with Spouse or Partner: Separate Share Trusts for Children (Illinois)

This legal template is an agreement that establishes a revocable trust for an individual who has a spouse or partner and wishes to distribute their assets to their children in separate share trusts. The template is specific to the state of Illinois and aims to provide a framework for the individual to organize their estate plan in a manner that ensures their spouse or partner is provided for and their children's inheritances are protected. The revocable trust allows the individual to retain control and ownership of their assets during their lifetime, while also outlining the guidelines for how the assets will be distributed to their children's separate share trusts upon the individual's death. The template likely includes provisions for the spouse or partner's rights and benefits as well, ensuring they are named as a beneficiary and outlining their access to the trust's assets. Additionally, the individual may also include specific instructions regarding the management of the children's separate share trusts, such as age limits or conditions for distribution, and appoint a trustee to oversee the administration of the trusts. Overall, this legal template aims to provide a comprehensive and customizable framework for the creation of a revocable trust tailored to the specific needs and wishes of an individual with a spouse or partner and children in the state of Illinois.