Drafting a Trust In Moreno Valley, California
In Moreno Valley, 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 permits the beneficiary to spend the money on educational expenses, and nothing else.
Of course, the trust could also be set up to permit the beneficiary unfettered access to the fund, or a specific 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 Moreno Valley, CA Trust
There are 4 things that have to be present in every trust for it to be legitimate in Moreno Valley, California. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it quite 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.
The third element is a beneficiary. The beneficiary is a person or entity who the trust is created to benefit. Although a beneficiary has to be named, they don't truly have to exist at the time the trust is written. For example, 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, the trust needs to truly be composed of something. A trust document must name the money or property which is directly being held in trust, which is identified as the "corpus" or "body" of the trust.
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Can A Moreno Valley, 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 guidance of a Moreno Valley, 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 Moreno ValleyMoreno Valley sits in the Southwestern region of California near Riverside. As the second largest city in Riverside County, Moreno Valley plays host to the March Air Reserve Base and a number of its personnel. The base has been in and out of commission training pilots for the World Wars but has been very active since. It's also the top employer in Moreno Valley with over 9,000 employees. The other top employers include the Moreno Valley School District, Riverside County Regional Medical Center, and the expansive Moreno Valley Mall. The Moreno Valley Mall is home to some of the best shopping in Riverside County with a number of boutique and different designer stores.
The City of Moreno Valley is known for its diversity. After World War II a number of Central American and Latino groups moved to the area to take advantage of the available suburban housing. There are still a number of Mexican American shops catering to Latino immigrants. Additionally, the African American population in Moreno Valley has risen 15% since 2002 with more and more families seeking to get out of Los Angeles city limits. There are a number of Moreno Valley festivals like Cinco de Mayo.
Moreno Valley is a diverse community that also plays host to many knowledgeable lawyers who are familiar with Riverside County and California State courts and cases like criminal cases, divorce, personal injury, and wrongful termination lawsuits. Since residents come from so many different places, Moreno Valley lawyers are also well acquainted with U.S. Immigration Courts and procedures.