Will for Single Individual: Pot Trust for Children (Illinois)

This legal template is designed for a single individual residing in the state of Illinois who wishes to create a will with specific provisions relating to the care and management of assets for their children. The template includes instructions and clauses related to the establishment of a pot trust, which is a trust fund created from the assets left behind for the children's benefit. The pot trust arrangement allows for the combining of multiple assets from various sources, such as life insurance policies, real estate, and financial investments, into a single trust fund. This will ensure that the children's financial needs are taken care of and managed by a designated trustee until they reach a predetermined age or milestone. The template also provides options to appoint guardians for the children and outline specific conditions or restrictions for accessing the trust funds. Overall, this template serves as a comprehensive guideline for creating a legally sound will that addresses the unique considerations and needs of a single individual in Illinois who wishes to protect and provide for their children's financial well-being after their demise.