Drafting a Trust In Elk Grove, California

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In Elk Grove, 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 totally feasible.

The trust can also be set up to allow 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 Elk Grove, CA Trust

To formulate a trust in Elk Grove, 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, every trust, to be valid, has to assign a trustee. This is the individual or other entity (such as a corporation) who oversees the property that embodies the trust. They possess and control the property, and are accountable for seeing that it is utilized according to the purpose of the trust.

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.

Fourth and finally, the trust must contain what is known as the "corpus" or "body." The corpus is the money and/or property which is being held in trust. For a trust to be legitimate, the corpus must be precisely identified.

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Can A Elk Grove, 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 perplexing. Therefore, it is advisable to contact a reputable Elk Grove, California attorney to help you set up a trust.

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Life in Elk Grove

Elk Grove, California is a city in Sacramento County, located just south of Sacramento, the state capital. It currently has a population of about 153,000 people. 

Elk Grove was founded in 1850, as a stage coach stop, around which the town initially developed. 

Modernly, Elk Grove is generally considered a bedroom community of Sacramento. This means that it is mostly residential, with its residents commuting to Sacramento for their jobs. Because it is the capital of the largest state in the country, many state employees, in a wide range of industries, work in Sacramento, but live in Elk Grove. The State of California employs a large number of Elk Grove, California attorneys, who perform a wide variety of functions.

Of course, many Elk Grove attorneys also work in private practice. So, the residents of Elk Grove, California who need a lawyer will almost certainly be able to find a capable attorney who has experience in the relevant area of law.

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