Drafting a Trust In Chandler, Arizona
In Chandler, Arizona, 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.
Regardless of the purpose for which you're establishing 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. Therefore, if you want them to only be able to spend it on education, for example, you can do that.
If you want, you could create a trust with no restrictions on how much money the trustee can spend from the trust, and let the beneficiary spend all the money on whatever they'd like. If this is what you want to do, that's fine- but if the beneficiary is a young adult with spendthrift habits, you obviously might want to take into consideration the fact that they could easily spend all the money on some pretty frivolous stuff.
What to Include in Any Chandler, AZ Trust
There are 4 things that have to be present in every trust for it to be valid in Chandler, Arizona. 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.
Second, the trust needs a trustee. The trustee will have possession of the property or money that is being held in trust, and will be responsible for putting it to the use that the creator of the trust intended.
Third, the trust also has to name a beneficiary. This is the person or entity (such as a charitable organization) who is going to benefit from the trust.
Finally, and perhaps most importantly, the trust requires a "body." The body of a trust is the thing (normally, but not always, money) that is really being held in trust, and therefore overseen by the trustee, and used to help the beneficiary.
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Can A Chandler, Arizona 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 assistance of a Chandler, Arizona attorney if you wish to set up a trust.
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Life in ChandlerSince the 1950s, Chandler, Arizona has been growing in population, diversity, and economic growth! Chandler is home to many attractions. For the nature-lovers, the Veterans Oasis & Environmental Educational Center have over 100 acres of wetlands and desert perfect for hiking, fishing, biking, and picnics. Those who love to skate will enjoy spending time at the Chandler Skate Park, a 35,000 square-foot park used by skateboarders and in-line skaters.
A very unique attraction is Rawhide, a 1880s themed western town with shootouts, wagon rides, burro rides, gold panning, etc. Rawhide opened in Chandler in 2006 and has been a favorite of the locals and tourists since!
Chandler's historic downtown is filled with shops, restaurants, and galleries. There is also a quaint garden filled with antique shops and an old-fashioned ambiance. On the first Wednesday of every month, local artists display their work for everyone to enjoy, and hopefully buy. Located near downtown is Chandler Historical Museum, a museum free to the public with many exhibits displaying the city's rich history.
Chandler is also famous for the Ostrich Festival and Jazz Festival. The Ostrich Festival is a family event with ostrich races and other "ostrich-themed" activities. There is also music, parades, a carnival, and great food. The Festival originates from the city's tradition of Ostrich Ranching. Similarly, the city has an annual traditional event-the Jazz Festival. This is a weekend long event where many jazz musicians showcase their talent for the public to enjoy!
Since Chandler is viewed as one of Phoenix's most prominent suburbs, residents of Chandler have access to the large firms and legal market of Phoenix. Additionally, there are many smaller firms and solo-practitioners with law offices located in Chandler, guaranteeing attorneys who are focused on zealously representing their clients. Therefore, everyone's legal needs are met. Moreover, Chandler residents are fortunate to have a more personalized and service-oriented approach to address their legal needs.