Drafting a Trust In Beverly Hills, California
In Beverly Hills, California, 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 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 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. Therefore, if you want them to only be able to spend it on education, for instance, you can do that.
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, particularly if the beneficiary is a teenager or young adult.
What to Include in Any Beverly Hills, CA Trust
To implement a trust in Beverly Hills, California, 4 things are required. The first is purpose - the trust must be set up to serve some sort of objective, and it must be precisely stated in the document that creates the trust.
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 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 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.
Lastly, the trust needs to have a corpus, or body. The "body" of the trust is the property that benefits the beneficiary, and that the trustee oversees. Obviously, there can be no trust without something being held in trust.
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Can A Beverly Hills, California 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 intricate. Therefore, it is advisable to contact a seasoned Beverly Hills, California attorney to help you set up a trust.
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Life in Beverly HillsBeverly Hills, California is located in Los Angeles County and is one of the most affluent cities in the country. The city is famous for being a trendsetter for fashion, beautiful homes, and high-end living. Many celebrities and movie stars live in Beverly Hills. Along with Bel Air and Holmby Hills, it forms part of the "Platinum Triangle" of wealthy L.A. neighborhoods.
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Beverly Hills is frequently featured in movies and television shows. A few familiar examples include the hit television series Beverly Hills, 90210 and the Beverly Hills Cop movies. Other attractions include the Beverly Hills Hotel (referenced in the Eagles' song "Hotel California"), Walden Drive, and Beverly Gardens Park.
Lawyers in Beverly Hills, California perform legal services to meet the unique needs of the city's residents. Many Beverly Hills lawyers file lawsuits at the West District branch of the Los Angeles Superior Court, located within the city. Attorneys in Beverly Hills represent clients in both general and specific areas of law.