Drafting a Trust In Oxnard, California
In Oxnard, 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 Oxnard, CA Trust
To create a valid trust in Oxnard, 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.
The second required element is a trustee. The trustee's job is to supervise and manage the money that makes up the trust. They are also required to take reasonable efforts to ensure that the money is only used for the purpose of the original trust agreement.
Third, the trust needs to have a named beneficiary. The beneficiary is the person who benefits from the trust.
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 Oxnard, California Trust Drafting Attorney Help?
While the elements of a valid trust are relatively 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 intricate. For that reason, a good Oxnard, California attorney specializing in estate planning and the drafting trusts may prove invaluable.
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Life in OxnardOxnard may not be a household name throughout America but it plays a major role in California's international trade, manufacturing, defense, and agricultural economies. Oxnard is the key port for Del Monte Foods, Chiquita, Land Rover, BMW, and Jaguar shipments to the west coast. It's the deepest port between San Francisco and San Diego.
The city also has strong ties to agriculture and civil rights as the childhood home of Caesar Chavez and annual California Strawberry Festival. The USDA ranked Oxnard as one of the preeminent strawberry producers in California supplying over 1/3 of all California strawberries.
The top employers in Oxnard are currently St. John's Regional Medical Center, Oxnard Union High School District, and Waterway Plastics that collectively employ over 5,000 Oxnard locals.
Tourism helps boost the Oxnard economy as well. Tourists flock to Oxnard's renown soft sand beaches that are also known for being much less crowded than other hotspots. The Oxnard Public Beaches offer accommodations like palm tree lined walkways, picnic, and barbeque areas. The Carnegie Art Museum, founded by the famous Andrew Carnegie in 1907, displays over 1,500 pieces from Southern California artists and other influential Americans like Colin Campbell Cooper and Millard Sheets. The Chandler Vintage Museum of Transportation and Wildlife is another popular Oxnard museum neat Heritage Square that locals and tourists enjoy visiting.
If you live in Oxnard, California and need an attorney, you're in luck. Oxnard, California lawyers are members of a very diverse and sophisticated legal community. If you have any legal issues, an Oxnard, California lawyer can help.