In Indio, 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.
A trust could, of course, be much more permissive, if the creator of the trust wants it to be. You could set up a trust allowing the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a case, the trust fund might not last very long, particularly if the beneficiary is a younger person.
What to Include in Any Indio, CA Trust
There are 4 distinct elements that must be present for any trust to be legitimate in Indio, California. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be articulated.
Second, the trust needs a trustee. The trustee will have possession of the property or money that is being held in trust, and will be accountable for putting it to the use that the creator of the trust intended.
Third, the trust needs to have a named beneficiary. The beneficiary is the individual who benefits from the trust.
Lastly, and perhaps most notably, the trust requires a "body." The body of a trust is the thing (usually, but not always, money) that is actually being held in trust, and therefore overseen by the trustee, and utilized to help the beneficiary.
Can A Indio, California Trust Drafting Attorney Help?
While its' easy to list the basic elements that need to be present for a trust to be valid, the actual process of setting up a trust can be a little perplexing. For that reason, seeking the counsel of a reputable Indio, California attorney to help you set up a trust is probably a good idea.