Drafting a Trust In Bridgeport, Connecticut

Find the right Drafting a Trust attorney in Bridgeport, CT

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

Trusts can serve any variety of purposes. They can be set up to guarantee 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.

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.

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, particularly if the beneficiary is a teenager or young adult.

What to Include in Any Bridgeport, CT Trust

There are 4 things that have to be present in every trust for it to be legitimate in Bridgeport, Connecticut. 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 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 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 example, 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.

Lastly, and perhaps most notably, the trust requires a "body." The body of a trust is the thing (usually, but not always, money) that is actually being held in trust, and therefore overseen by the trustee, and utilized to help the beneficiary.

Can A Bridgeport, Connecticut Trust Drafting Attorney Help?

While it's fairly easy to list off the basic requirements for a valid trust, actually creating and implementing one can be fairly perplexing. Therefore, you should probably seek the advice of a Bridgeport, Connecticut attorney if you wish to set up a trust.

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Life in Bridgeport

Bridgeport, Connecticut is located on the Long Island Sound and has a growing population of nearly 145,000 people. It was incorporated as a city in 1836. As a harbor city, Bridgeport, Connecticut was initially focused on the shipbuilding industry. Today it is an ideal location for business, retail, and economic development.

Bridgeport is known for being a city of "firsts". For example, it is often called the "birthplace of the Frisbee" and is home to the first Subway Restaurant. Its unique location still contributes to the growth and prosperity of the city. Bridgeport's downtown area is an excellent spot for fine dining, sports events, and theater acts, particularly at the Arena at Harboryard.

In addition, Bridgeport, Connecticut hosts a number of annual culture events. Residents and tourists enjoy visiting such attractions as the Housatonic Museum of Art, and Captain's Cove Seaport. The city's atmosphere still reflects its history as a major harbor and port center.

Lawyers in Bridgeport, Connecticut offer services in a broad range of legal fields. Many Bridgepoint lawyers belong to legal organizations such as the Greater Bridgeport Bar Association.

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