Drafting a Trust In Garden Grove, California
In Garden Grove, 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 completely feasible.
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, especially if the beneficiary is a teenager or young adult.
What to Include in Any Garden Grove, CA Trust
To establish a valid trust in Garden Grove, California, 4 elements must be present. The first element is purpose - the property being held in trust must be there for a reason. Your trust can serve just about any lawful purpose you can think of.
Second, the trust must also name a trustee. The trustee is the person who is really 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 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 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, and perhaps most vitally, the trust requires a "body." The body of a trust is the thing (normally, but not always, money) that is really being held in trust, and therefore overseen by the trustee, and used to help the beneficiary.
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Can A Garden Grove, California Trust Drafting Attorney Help?
While it's fairly easy to list off the basic requirements for a valid trust, actually creating and implementing one can be fairly complex. Therefore, you should probably seek the help of a Garden Grove, California attorney if you wish to set up a trust.
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Drafting a Trust Attorneys in the Largest CA Cities
Life in Garden GroveGarden Grove is located near the beautiful area of Orange County, California. Garden Grove is a quaint city of approximately 170,883 and is known for being home to Robert H. Schuller's Crystal Cathedral.
The city primarily strives from the hotel industry and retail locations of all types. The area also has offices for Air Industries Corp., Driessen Aircraft Interior Systems, GKN Aerospace Transparency Systems, and Mircrosemi Integrated Products. For all legal inquiries, residents of Garden Grove look to Orange County. Orange County is home to a few law schools, as well as large, mid-size, and small firms offering legal services in all legal practice areas.
Attractions in Garden Grove include the Crystal Cathedral referred to above, and the Atlantis Play Center, a great spot for families. Other popular attractions are located nearby in Orange County and include Disneyland, California Adventures, Downtown Disney, Long Beach, Newport Beach, and Huntington Beach. All in all, Garden Grove is a small city in a beautiful area that offers its residents a wonder quality of life.