Drafting a Trust In Glendale, Arizona

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In Glendale, Arizona, a trust is an arrangement in which property is held by one individual (the trustee) for the benefit of another (the beneficiary).

A trust can be set up for just about any reason. One of the most common reasons is to ensure that a person always has enough money to avoid going broke, but not enough that they can avoid getting a job, or spend all of the money on things they don't need. This can be accomplished by drafting a trust agreement so that only allows the beneficiary to access a limited portion of the money per week, or per month.

Regardless of the purpose for which you're creating a trust, you can be sure that the beneficiary will only be able to spend the trust fund in ways you approve of. This is because a trust document, at the time of drafting, can place any restrictions or allowances you want on the beneficiary's use of the money. So, if you want them to only be able to spend it on education, for instance, you can do that.

If you want, you could implement a trust with no restrictions on how much money the trustee can spend from the trust, and let the beneficiary spend all the money on whatever they'd like. If this is what you want to do, that's fine- but if the beneficiary is a young adult with spendthrift habits, you obviously might want to take into consideration the fact that they could quickly spend all the money on some pretty frivolous stuff.

What to Include in Any Glendale, AZ Trust

To set up a legitimate trust in Glendale, Arizona, 4 elements are necessary. First, the trust must have a stated purpose, and this purpose must be precisely laid out in the documents that implement the trust.

Second, the trust must further name a trustee. The trustee is the person who is actually going to administer the trust, and has possession and control of the property while it is the subject of the trust.

The third required element to make a valid trust is the beneficiary or beneficiaries. Because a trust, by definition, is set up to benefit someone or something, that entity must be identified in the trust. Nonetheless, if the person(s) meant to benefit from the trust do not yet exist, they can still be legitimate beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For instance, you could set up a trust to benefit your grandchildren, even if you don't actually have any grandchildren yet.

Finally, the trust needs to actually be composed of something. A trust document must name the money or property which is actually being held in trust, which is known as the "corpus" or "body" of the trust.

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Can A Glendale, Arizona Trust Drafting Attorney Help?

While it's not difficult to understand the basic requirements of a trust, actually creating a trust can be a bit more perplexing. Therefore, it is advisable to contact a reputable Glendale, Arizona attorney to help you set up a trust.

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Life in Glendale

Glendale, Arizona is a beautiful residential community located west of Phoenix, Arizona.  For those who think there is nothing to do in residential communities, Glendale proves them wrong!  Glendale has a variety of sites for tourists to visit, and plenty of things for people to do.

Glendale is home to many attractions that exploit the beauty of nature.  For instance, Historic Sahuaro Ranch is a 17 acre property with seventeen ranch buildings to tour, along with a beautiful rose garden.  Popular events such as the Antique Tractor and Engine show are held in this venue.  

For all the sports fanatics out there, Camelback Ranch is located in Glendale.  This ranch is known because the Los Angeles Dodgers and Chicago White Sox share this venue for spring training during baseball season.

To accommodate the needs of those who love the outdoors, Glendale has a very popular attraction known as White Tank Mountain Regional Park.  White Tank Mountain Regional Park has approximately 21 miles of hiking and biking trails, with one that even has a waterfall!  For children, the park has hiking and biking trails that are of lower levels of difficulty, as well as Petroglyph Plaza for children to express their creative skills.

The Xeriscape Botanical Garden, considered one of the best demonstration gardens in Arizona, has over 1,000 types of desert plants over 4 acres.  The garden also has many walking paths so that visitors can stroll and enjoy nature.  Tourists can also enjoy the walking and hiking trails at Thunderbird Park.  The park, located over 1,000 acres of dessert preserve, has picnic sports and horseback riding along with the trails for hiking and walking.  

Other popular attractions in Glendale include Arrowhead Town Center and Westgate City Center, two great places to catch a movie, eat at delicious restaurants, or shop till you drop!

With Glendale being very near to Phoenix, Glendale residents have the opportunity to access the Phoenix legal market for their needs.  Many attorneys and major law firms have offices in Phoenix, Arizona.  Therefore, Glendale residents can rely on the best firms with the sharpest legal minds to handle their legal needs.  

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