Drafting a Trust In Downey, California

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In Downey, California, a trust is an arrangement in which property is held by one person (the trustee) for the benefit of another (the beneficiary).

Trusts can serve any number of purposes. They can be set up to ensure that the child has a college fund, or to see that the beneficiary's basic needs are met, without the money being spent on frivolities.

If you want to set up a trust, you can make the beneficiary's use of the property as restricted or as permissive as you like. As a simple example, you might want to dictate that the beneficiary can only use the money for emergencies, or for basic living expenses. If the trust is carefully drafted, this is totally feasible.

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 Downey, CA Trust

There are 4 distinct elements that must be present for any trust to be valid in Downey, California. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be articulated.

Second, there must be a trustee. This is the person who will administer the trust, and retain possession of the property or money that it contains, as well as being responsible for using it to effectuate the trust's purpose.

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. However, if the person(s) meant to benefit from the trust do not yet exist, they can still be valid beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For example, you could set up a trust to benefit your grandchildren, even if you don't actually have any grandchildren yet.

Fourth and finally, the trust must include what is known as the "corpus" or "body." The corpus is the money and/or property which is being held in trust. For a trust to be valid, the corpus must be clearly identified.

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Can A Downey, California Trust Drafting Attorney Help?

While its' easy to list the basic elements that need to be present for a trust to be valid, the actual process of setting up a trust can be a little complicated. For that reason, seeking the counsel of a good Downey, California attorney to help you set up a trust is probably a good idea.

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Life in Downey

Downey, California is a city in Los Angeles County, California. Its current population of about 112,000 people.

Downey, California is best known as being the birthplace of the Apollo Program - the U.S. space program that ultimately landed men on the moon. Several aerospace corporations had facilities in Downey, California, such as Rockwell and Boeing. Some of these companies built the Apollo spacecraft and, later, many components of the Space Shuttle. These companies also employed many white-collar professionals, from engineers to Downey, California lawyers.

Nowadays, the economy of Downey, California is dominated by sectors such as healthcare, education, services, and government.

Thanks to its diverse and solid economy, the lawyers who live and work in Downey, California are able to handle a wide range of legal issues. If you need legal advice, a Downey, California attorney can help.

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