Trust Funds For Children And Divorce In Illinois
Trust funds are way to set aside money for a specific purpose. Trusts are especially useful for applying money for the benefit of someone who cannot manage the money themselves such as a child.
A trust is “an equitable or beneficial right or title to land or other property, held for the beneficiary by another person, in whom resides the legal title or ownership, recognized and enforced by courts of chancery.” Black’s Law Dictionary (10th ed. 2014)
The assets held in trust can then be applied for the trust’s special purpose as supervised by the trustee.
Illinois divorce courts have the…