Drafting a Trust In Surprise, Arizona
In Surprise, Arizona, a trust is an arrangement in which property is held by one person (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 establishing 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 example, you can do that.
The trust can also be set up to allow the beneficiary to spend as much of the money in it on anything they like. Of course, few people do this, because the trust isn't likely to last very long under such an arrangement, especially if the beneficiary is a teenager or young adult.
What to Include in Any Surprise, AZ Trust
There are 4 things that have to be present in every trust for it to be valid in Surprise, Arizona. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it very clear when drafting the document.
Second, the trust must also 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 element is a beneficiary. The beneficiary is a person or entity who the trust is designed to benefit. Although a beneficiary has to be named, they don't actually have to exist at the time the trust is written. For instance, if a person sets up a trust to benefit his or her grandchildren, and doesn't yet have any, the trust is valid. If and when their grandchildren are born, the rights that the trust creates will vest in them immediately.
Finally, the trust needs to have a corpus, or body. The "body" of the trust is the property that benefits the beneficiary, and that the trustee oversees. Obviously, there can be no trust without something being held in trust.
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Can A Surprise, 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 complex. Therefore, it is advisable to contact a good Surprise, Arizona attorney to help you set up a trust.
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Life in SurpriseSurprise is located in Maricopa County, Arizona. Its population is one of the fastest-growing in the state- it went from 30,000 in the year 2000 up to 90,000 by the year 2007. The city was founded in 1938 and was named after Surprise, Nebraska.
Surprise is a popular destination for those seeking residential opportunities, in particular retirement homes. In fact, much of the city's population growth can be attributed to Sun City Grand, which is a resort-like, age-restricted residential community. The community is a large contributor to Surprise's population and economy.
Warm weather and modern sports facilities make Surprise an ideal location for those who love sports. For example, the city maintains an outstanding Recreation Campus. The Campus houses the Surprise Tennis and Racket Complex (STRC), which has received several awards. STRC is often the site for important professional matches.
If you have a legal claim, lawyers in Surprise, Arizona will usually file the claim at the Surprise Municipal Court. The municipal court hears civil matters as well as criminal misdemeanor cases. Surprise lawyers can provide you with advice or representation on a variety of legal issues.