Drafting a Trust In Flagstaff, Arizona
In Flagstaff, Arizona, a trust is an arrangement in which property is held by one individual (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.
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.
If you want, you could implement 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 quickly spend all the money on some pretty frivolous stuff.
What to Include in Any Flagstaff, AZ Trust
There are 4 things that have to be present in every trust for it to be legitimate in Flagstaff, Arizona. 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, there must be a trustee. This is the individual who will administer the trust, and retain possession of the property or money that it contains, as well as being accountable for utilizing it to effectuate the trust's purpose.
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.
Finally, the trust needs to actually be composed of something. A trust document must name the money or property which is actually being held in trust, which is known as the "corpus" or "body" of the trust.
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Can A Flagstaff, Arizona 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 perplexing. Therefore, it is advisable to contact a reputable Flagstaff, Arizona attorney to help you set up a trust.
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Life in FlagstaffWith a different name, Flagstaff was named after a Ponderosa Pine flagpole made by a scouting party from Boston. This name was given on July 4, 1876 while celebrating the United States Centennial. Flagstaff, Arizona is home to approximately 65,870 people, and is located in northern Arizona.
Popular attractions include the Grand Canyon National Park, Walnut Canyon National Monument, Wupatki National Monument, Barringer Crater, Glen Canyon National Recreation Area and Lake Powell. Obviously, Flagstaff is a nature-lover's heaven.
The economy is primarily based on lumber, railroad, and ranching. Many large corporations have locations in Flagstaff. Such corporations include Lowell Observatory, Nestle Purina PetCare, Walgreens, and W.L. Gore & Associates. With so many corporations and industries, Flagstaff is home to many small law firms with excellent attorneys devoted to excellent legal service. If need be for a large law firm, Phoenix firms are available, with attorneys always willing to make the short trip to Flagstaff. Therefore, Flagstaff is a community that is well-served by the legal industry.
As a side note, Flagstaff is known to many because running scenes from the hit film Forrest Gump were shot there! Overall, Flagstaff is a wonderful area rich in culture and industry.