Drafting a Trust In San Jose, California
In San Jose, 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 Jose, CA Trust
To implement a legitimate trust in San Jose, 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 element is a beneficiary. The beneficiary is a person or entity who the trust is constructed to benefit. Although a beneficiary has to be named, they don't really 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.
Lastly, and perhaps most notably, the trust requires a "body." The body of a trust is the thing (normally, but not always, money) that is really being held in trust, and therefore overseen by the trustee, and utilized to help the beneficiary.
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Can A San Jose, California Trust Drafting Attorney Help?
While the elements of a valid trust are fairly 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 complex. For that reason, a good San Jose, California attorney experienced in estate planning and the drafting trusts may prove invaluable.
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Drafting a Trust Attorneys in the Largest CA Cities
Life in San JoseSan Jose, California is a large city filled with families, universities, young professionals trying to make it in the Silicon Valley, and a diverse population! Some of San Jose's most visited attractions are the Children's Discovery Museum, Happy Hollow Park and Zoo, the HP Pavilion Center, the Tech Museum, San Jose Museum of Art, History Park, Winchester Mystery House, J. Lohr Winery, and Plaza de Cesar Chavez Park.
San Jose is also filled with great dining areas such as Santana Row, and great shopping with many malls such as Westfield's Valley Fair and Oakridge Shopping Centers. San Jose is also home to the Silicon Valley, an area that gave birth to companies such as Apple and Google, and a great place for small start-ups. Therefore, there is something for every type of professional in Silicon Valley.
To serve the Silicon Valley's legal needs, many law firms have office locations located in, or near, San Jose. These firms house some of the sharpest legal minds in the country. All in all, no legal need goes unattended in San Jose, California.