In San Clemente, 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.
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, basically letting them do whatever they want with the money, if that's what you want to do.
What to Include in Any San Clemente, CA Trust
To implement a legitimate trust in San Clemente, 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, the trust must further name a trustee. The trustee is the person who is really going to administer the trust, and has possession and control of the property while it is the subject of the trust.
The third required element to make a valid trust is the beneficiary or beneficiaries. Because a trust, by definition, is set up to benefit someone or something, that entity must be identified in the trust. Nonetheless, if the person(s) meant to benefit from the trust do not yet exist, they can still be legitimate beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For instance, you could set up a trust to benefit your grandchildren, even if you don't really have any grandchildren yet.
Finally, the trust needs to really be composed of something. A trust document must name the money or property which is really being held in trust, which is recognized as the "corpus" or "body" of the trust.
Can A San Clemente, 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 San Clemente, California attorney to help you set up a trust.