Drafting a Trust In Buena Park, California
In Buena Park, California, a trust is an arrangement in which property is held by one individual (the trustee) for the benefit of another (the beneficiary).
Trusts can serve any variety of purposes. They can be set up to guarantee that the child has a college fund, or to see that the beneficiary's basic needs are met, without the money being spent on frivolities.
If you want to set up a trust, you can make the beneficiary's use of the property as restricted or as permissive as you like. As a simple instance, you might want to dictate that the beneficiary can only use the money for emergencies, or for general living expenses. If the trust is thoroughly drafted, this is entirely feasible.
Of course, the trust could also be set up to permit the beneficiary unfettered access to the fund, or a specific 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 Buena Park, CA Trust
To implement a trust in Buena Park, 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 created to benefit. Although a beneficiary has to be named, they don't truly 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 Buena Park, California 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 difficult. For that reason, a Buena Park, California attorney experienced in estate planning can be invaluable.
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Drafting a Trust Attorneys in the Largest CA Cities
Life in Buena ParkBuena Park, California has a population of over 80,000 and is located in the northwestern parts of Orange County. The city is nicknamed "the Center of the Southland", due to its central location in the county. Many tourist attractions can be found in Buena Park, most notably the Knot's Berry Farm amusement park.
In Buena Park, many of its famous attractions can be found in the "E-Zone" district. Knott's Berry Farm, Knott's Soak City, and several other popular establishments are situated in the district. The E-Zone is also adjacent to Anaheim, home of Disneyland. Thus, the economy of Buena Park has benefited greatly from the operation of the E-Zone district. Other top employers in Buena Park, California include major companies such as ProLogis and Nutrilite.
Other popular places to visit in Buena Park are its local historic park, the Ralph B. Clark Regional Park, and Los Coyotes Country Club. Los Coyotes Country Club is a world-renowned establishment featuring three unique 9-hole course layouts. Los Coyotes also boasts many of the county's most desirable real estate properties.
Lawyers in Buena Park, California file many of their claims at the Superior Court of California, County of Orange, which is located nearby. Buena Park attorneys assist their clients in a number of different legal claims and issues. Many of them are members of multiple bar associations and legal organizations.