Drafting a Trust In Monrovia, California

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In Monrovia, 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 authorizes the beneficiary to spend the money on educational expenses, and nothing else.

Of course, the trust could also be set up to authorize the beneficiary unfettered access to the fund, or a particular 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 Monrovia, CA Trust

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

Second, there must be a trustee. This is the individual who will administer the trust, and retain possession of the property or money that it contains, as well as being accountable for utilizing it to effectuate the trust's purpose.

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.

Fourth and finally, there must be some money or property which is really going to be held in the trust. This property is referred to as the "corpus" (body) of the trust, and can be just about anything. But, it must really exist, and it must be identified.

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Can A Monrovia, 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 intricate. Therefore, it is advisable to contact a seasoned Monrovia, California attorney to help you set up a trust.

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Life in Monrovia

Monrovia, California is a city in Los Angeles County, in the San Gabriel Mountains. Its population is currently about 36,000 people.

Monrovia is one of the oldest incorporated cities in the Los Angeles area, having been formally incorporated in 1887. In the modern era, Monrovia, California is perhaps best known as being the location of the original McDonald's restaurant. Several other major retail and food service companies are headquartered in Monrovia, California, including Trader Joe's and Original Tommy's.

The largest employers in Monrovia are in the education, healthcare, and retail sectors. These industries employ people in a wide range of professions, including administrative professionals such as accountants, human resource personnel, and lawyers. 

Thanks to its relatively large population and diverse economy, Monrovia, California attorneys are experienced in handling a wide variety of cases. If you need legal advice, a Monrovia, California lawyer can almost certainly help you with your legal issues.

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