Drafting a Trust In Los Angeles, California

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In Los Angeles, 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 completely 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 permitting 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 Los Angeles, CA Trust

To set up a legitimate trust in Los Angeles, California, 4 elements are necessary. First, the trust must have a stated purpose, and this purpose must be precisely laid out in the documents that formulate 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 required element to make a valid trust is the beneficiary or beneficiaries. Because a trust, by definition, is set up to benefit someone or something, that entity must be identified in the trust. Nonetheless, if the person(s) meant to benefit from the trust do not yet exist, they can still be legitimate beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For instance, you could set up a trust to benefit your grandchildren, even if you don't really have any grandchildren yet.

Lastly, and perhaps most especially, 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 utilized to help the beneficiary.

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Can A Los Angeles, California Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to remember, drafting a trust that is sure to be carried out according to the wishes of the person making it can still be complex. For that reason, a good Los Angeles, California attorney experienced in estate planning and the drafting trusts may prove invaluable.

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Life in Los Angeles

Most people think of Hollywood when they think of Los Angeles, California. Los Angeles is home to many celebrities, movie studios such as Paramount Pictures Home Entertainment Studios, and the Walk of Fame.  Los Angeles residents and visitors can often sight celebrities shopping on Rodeo Drive, in Malibu, Beverly Hills, or in various night clubs.

Besides celebrities, Los Angeles is near the happiest on Earth-Disneyland!  Kicking back and enjoying rides, great shows and parades, and hanging out with your favorite Disney characters is not the only thing Disneyland is about.  Rather, Disneyland is a place where families come together, have fun, and both children and adults feel like a kid again.  This unique attraction is one of the reasons Los Angeles is so visited by people all over the world.
Other attractions in Los Angeles include the J. Paul Getty Museum, Universal Studios Hollywood, Hollywood Museum, Griffith Park, Venice Beach, and the Hollywood Bowl Museum. 

Los Angeles being such a large city with a population of 9,862,049 is home to many intelligent, ivy-league-educated, and promising lawyers.  Therefore, many large, multinational as well as mid-sized and small firms are present in Los Angeles.  No legal need is left unattended in Los Angeles, California. 

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