In Ketchikan, 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 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.
If you are a trustee, you can allow 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 allow the beneficiary unfettered access to the fund, or a certain 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 Ketchikan, AK Trust
To set up a valid trust in Ketchikan, Alaska, 4 elements are required. First, the trust must have a stated purpose, and this purpose must be clearly laid out in the documents that create the trust.
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.
Third, the trust needs to have a named beneficiary. The beneficiary is the person who benefits from the trust.
Fourth and finally, there must be some money or property which is actually 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 actually exist, and it must be identified.
Can A Ketchikan, Alaska Trust Drafting Attorney Help?
While the elements of a valid trust are relatively simple and easy to remember, drafting a trust that is sure to be carried out according to the wishes of the person making it can still be complicated. For that reason, a good Ketchikan, Alaska attorney specializing in estate planning and the drafting trusts may prove invaluable.