Drafting a Trust In Anchorage, Alaska

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In Anchorage, Alaska, 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 frequent reasons is to ensure that a person consistently 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 authorizes the beneficiary to access a limited portion of the money per week, or per month.

If you are a trustee, you can authorize the beneficiary to access the trust under any conditions you see fit (or make it unconditional, if you want). The point is that, if you make sure the trust agreement is well-constructed, you can help the beneficiary in any way you like, secure in the knowledge that they won't be able (or will find it extremely difficult) to spend it on things you don't approve of.

Of course, the trust could also be set up to authorize the beneficiary unfettered access to the fund, or a particular amount of money could be released from the fund to the beneficiary each month, for the beneficiary to use as he or she sees fit.

What to Include in Any Anchorage, AK Trust

There are 4 things that have to be present in every trust for it to be valid in Anchorage, Alaska. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it extremely clear when drafting the document.

The second required element is a trustee. The trustee's job is to supervise and manage the money that makes up the trust. They are also required to take reasonable efforts to ensure that the money is only used for the purpose of the original trust agreement.

Third, there must be a named beneficiary. This is the person, persons, or entity who is really benefiting from the trust. This person or entity must be clearly identified, or must be identifiable at some point in the future that can be objectively defined.

Fourth and finally, there must be some money or property which is really going to be held in the trust. This property is referred to as the "corpus" (body) of the trust, and can be just about anything. However, it must really exist, and it must be identified.

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Can A Anchorage, Alaska Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to memorize, drafting a trust that is likely to be carried out according to your wishes can be fairly perplexing. For that reason, a Anchorage, Alaska attorney specializing in estate planning can be invaluable.

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Life in Anchorage

Anchorage has been voted an "All America City" four times and makes up over 40% of Alaska's total population. The city motto is "Big Wild Life" and there's plenty of it. A survey found roughly 300 black bears and moose, along side 60 grizzly bears call Anchorage home year round. The numbers of moose increase over 1,000 in the winter months. There are also wolves, foxes, beavers, and all other manner of moderate and small native animals that can be easily spotted in Anchorage. That's why so many people decide to visit Anchorage each year. 

Tourism play a major role in the economy with natural resource extraction, local and federal government, transportation services, and the military. There are two major military installations in Anchorage, Elmendorf Air Force Base and Fort Richardson, as well as the Kullis Air National Guard Base. In addition to military personnel, the military employs another 8,600 Anchorage civilians. There are a number of airlines headquartered in Anchorage like Alaska Central Express and Hageland Aviation Services but the petroleum industry is one of the most important. Giants like BP and ConocoPhillips have drilling and transportation services in Anchorage that employ thousands of locals.

The International Ice Carving Competition is one aspect to the annual of the Fur Rendezvous Festival held in Anchorage's Alaska Center for the Performing Arts. The festival had a record attendance in 2000 with over 250,000 people visiting. The legendary 9-15 day long Iditarod Trail Sled Dog Race begins ceremonially each year downtown on 4th Street and ends in Nome, Alaska. The race stretches 1,049 miles that are timed. It's known as one of the most intense sporting events due to the distance and blizzards.

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