Drafting a Trust In Youngstown, Ohio

Find the right Drafting a Trust attorney in Youngstown, OH

In Youngstown, Ohio, a trust is a setup under which property is possessed by one person or entity, to be used for the benefit of another.

Trusts serve a number of purposes. For example, they can be set up to ensure that the beneficiary (say, a child) will consistently have enough money to live off of, but will be unable to spend it all 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 completely feasible.

The trust can also be set up to authorize 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 Youngstown, OH Trust

To establish a trust in Youngstown, Ohio, 4 things are required. The first is purpose - the trust must be set up to serve some kind of objective, and it must be clearly stated in the document that creates the trust.

Second, the trust must also name a trustee. The trustee is the person who is really 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 constructed to benefit. Although a beneficiary has to be named, they don't really 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.

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

Can A Youngstown, Ohio 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 difficult. Therefore, it is advisable to contact a brilliant Youngstown, Ohio attorney to help you set up a trust.

Talk to a Wills, Trusts & Estates Law Attorney now!

Life in Youngstown

Youngstown is a part of Mahoning County, Ohio. Some parts of it also fall in Trumbull County. It is near Pittsburgh, Pennsylvania and Cleveland. Specifically it is ten miles west of Pennsylvania, between New York City and Chicago on Interstate 80.

With such a central, great location, residents and local businesses have access to the strong legal force in New York City, Chicago, and Pennsylvania. All these areas are home to top-tier firms that train excellent, ivy-league educated attorneys. Therefore, residents and local businesses have access to a legal force that includes the best-trained attorneys in the United States.

Popular attractions include Powers Auditorium, Youngstown Symphony Orchestra, the Butler Institute of American Art, McDonough Museum of Art, Mill Creek Park, and the Ohio Historical Society.

Overall, Youngstown has a central location and provides its residents with a wonderful quality of life!

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