Drafting a Trust In Orange, California
In Orange, California, a trust is an arrangement in which property is held by one person (the trustee) for the benefit of another (the beneficiary).
Trusts can serve any number of purposes. They can be set up to ensure 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 example, 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 Orange, CA Trust
To create a valid trust in Orange, California, 4 elements must be present. The first element is purpose - the property being held in trust must be there for a reason. Your trust can serve just about any lawful purpose you can think of.
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 responsible for seeing that it is used according to the purpose of the trust.
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 instance, 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, and perhaps most importantly, the trust requires a "body." The body of a trust is the thing (typically, but not always, money) that is directly being held in trust, and therefore overseen by the trustee, and used to help the beneficiary.
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Can A Orange, 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 difficult. Therefore, you should probably seek the assistance of a Orange, California attorney if you wish to set up a trust.
42 Wills, Trusts and Estates cases posted to LegalMatch lawyers in Orange
Drafting a Trust Attorneys in the Largest CA Cities
Life in OrangeThe city of Orange, California has a population of about 137,000 and is located about 3 miles from Santa Ana, the seat of Orange County. It has recently become a popular choice of residence for commuters who are employed in Los Angeles. Orange, California is well-known for its cozy, "old-town" feel that it maintains.
Part of Orange's charm is due to the large number of old and historic homes that have been preserved by the city. Many homes in Orange's "Old Town District" were built before 1920. Orange Historic District also contains original structures built around the time of the city's incorporation in the late 1800's. Orange, California has the second largest concentration of historic buildings in the nation.
In addition to its old-town feel, Orange has welcomed a number of modern institutions and retail centers. Of notable interest is "The Block at Orange", which is an outdoor entertainment and shopping locale. It features several upscale restaurants and is a popular shopping destination.
Lawyers in Orange, California provide assistance in a wide range of general legal fields. Many Orange, California lawyers have unique skills in specialized areas of law. Most attorneys in Orange file their claims at the Superior Court of California, County of Orange.