Drafting a Trust In El Cajon, California
In El Cajon, California, a trust is an arrangement in which property is held by one person (the trustee) for the benefit of another (the beneficiary).
Trusts can serve any number of purposes. They can be set up to ensure 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 example, you might want to dictate that the beneficiary can only use the money for emergencies, or for basic living expenses. If the trust is carefully drafted, this is entirely feasible.
The trust can also be set up to permit 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, especially if the beneficiary is a teenager or young adult.
What to Include in Any El Cajon, CA Trust
To create a trust in El Cajon, California, 4 things are required. The first is purpose - the trust must be set up to serve some kind of objective, and it must be clearly stated in the document that creates the trust.
Second, the trust must also name a trustee. The trustee is the person who is truly going to administer the trust, and has possession and control of the property while it is the subject of the trust.
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 instance, 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 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 El Cajon, 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 confusing. Therefore, it is advisable to contact a knowledgeable El Cajon, California attorney to help you set up a trust.
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Life in El CajonEl Cajon, California is a city in San Diego County. It has a population of just under 100,000 people.
El Cajon, California was formed from a land grant from the Mexican government in 1845, and was officially incorporated as a city in 1912.
El Cajon is located inland from San Diego, and as a result, its climate has more variation than San Diego from one extreme to another, but compared to most other places, its climate can be considered quite mild. Summers in El Cajon, California are quite warm, though it rarely gets extremely hot.
Like most places in California, El Cajon sports a large amount of ethnic and religious diversity. El Cajon, California is also home to a burgeoning art and culture district, including art galleries, and a strong commitment to public art.
If you are facing a legal issue in El Cajon, California, chances are good that there is a lawyer nearby who is capable of handling your problem, whatever it might be. El Cajon, California lawyers are always ready to meet the legal needs of their community. If you have any legal trouble whatsoever, no case is too big or too small for an El Cajon attorney.