Drafting a Trust In Riverside, California
In Riverside, 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.
Because you, as the trustee, can decide the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, essentially letting them do whatever they want with the money, if that's what you want to do.
What to Include in Any Riverside, CA Trust
To formulate a trust in Riverside, California, 4 things are required. The first is purpose - the trust must be set up to serve some sort of objective, and it must be precisely stated in the document that creates the trust.
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.
Lastly, the trust needs to have a corpus, or body. The "body" of the trust is the property that benefits the beneficiary, and that the trustee oversees. Obviously, there can be no trust without something being held in trust.
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Can A Riverside, California Trust Drafting Attorney Help?
While its' easy to list the basic elements that need to be present for a trust to be valid, the actual process of setting up a trust can be a little confusing. For that reason, seeking the counsel of a reliable Riverside, California attorney to help you set up a trust is probably a good idea.
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Life in Riverside
The City of Riverside is unsurprisingly the seat of Riverside County and home to numerous historical, cultural, and educational institutions. In fact, Riverside is called the "City of Arts and Innovation." The Fox Performing Arts Center is better known as the "Fox Theater" is best known for being the location for the first theater preview screening of the American Classic "Gone with the Wind." The Fox Theater was recently restored and reopened for a sold out Sheryl Crow concert. It's located in downtown near the California Museum of Photography, which boasts the most comprehensive photographic collection west of the Mississippi. The Riverside County Historic Courthouse is a historical and architectural attraction built in the "beaux arts" style. There are also a number of Queen Anne style homes in Riverside's Historic District.
Annual visitors come to Riverside for events like the Riverside International Film Festival, Riverside Air Show, and the Riverside Dickens Festival that campaigns for literary and community awareness. Other seasonal visitors include students attending the nearby institutions of higher education like nearby University of California at Riverside. UC Riverside is also the largest employer in the city with over 7,100 faculty and staff. California Baptist College, California Southern Law School, Riverside City College, and La Sierra University round out the other major colleges in Riverside. There are also a number of important courts in Riverside like the United States District Court, US Bankruptcy Court for Central California, Riverside Superior Court, and California Court of Appeals. You might guess there would be a number of knowledgeable lawyers in the area as well. Bakersfield actually offers a number of lawyers who specialize in more than Criminal, Bankruptcy, and Immigration cases. The bustling film industry in Riverside has brought a number entertainment and contract related lawyers to the city.