Drafting a Trust In Menlo Park, California

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In Menlo Park, 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.

A trust can make as many or as few allowances as the person creating it wants. For instance, a trust could be set up which allows the beneficiary to spend the money on educational expenses, and nothing else.

Of course, the trust could also be set up to allow the beneficiary unfettered access to the fund, or a certain amount of money could be released from the fund to the beneficiary each month, for the beneficiary to use as he or she sees fit.

What to Include in Any Menlo Park, CA Trust

There are 4 things that have to be present in every trust for it to be legitimate in Menlo Park, California. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it very clear when drafting the document.

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 further has to name a beneficiary. This is the individual or entity (such as a charitable organization) who is going to benefit from the trust.

Finally, the trust needs to actually be composed of something. A trust document must name the money or property which is actually being held in trust, which is known as the "corpus" or "body" of the trust.

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Can A Menlo Park, 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 Menlo Park, California attorney to help you set up a trust.

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Life in Menlo Park

Menlo Park, California is a city in San Mateo County, in the southern portion of the San Francisco Bay Area, commonly known as "Silicon Valley," due to the large number of high-tech companies located in the area. Menlo Park currently has a population of about 32,000 people.

Menlo Park first got its name in the 1850s, when some of the original settlers to found the city named it after Menlo, Ireland, their hometown. Many people assume that, because Menlo Park is home to many innovative high-tech companies, it is named after Menlo Park, New Jersey, where inventor Thomas Edison did much of his work. However, the name predates much of Edison's work, and the fact that both cities are known for technological innovation and share the same name is a coincidence.

Many large law firms have offices in Menlo Park, thanks to the presence of a large number of high-tech companies. 

Thanks to its vibrant and sophisticated business environment, there are many Menlo Park, California attorneys who can handle a wide range of complex cases. If you are in need of legal services, there's almost certainly at least one Menlo Park, California lawyer who can help you with whatever legal issue you might face.

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