In Williams, 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 authorizes the beneficiary to spend the money on educational expenses, and nothing else.
A trust could, of course, be much more permissive, if the creator of the trust wants it to be. You could set up a trust permitting the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a situation, the trust fund might not last very long, especially if the beneficiary is a younger person.
What to Include in Any Williams, CA Trust
To establish a trust in Williams, California, 4 things are required. The first is purpose - the trust must be set up to serve some kind of objective, and it must be clearly stated in the document that creates the trust.
Second, the trust needs a trustee. The trustee will have possession of the property or money that is being held in trust, and will be responsible for putting it to the use that the creator of the trust intended.
Third, the trust needs to have a named beneficiary. The beneficiary is the person who benefits from the trust.
Finally, and perhaps most vitally, 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 used to help the beneficiary.
Can A Williams, 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 convoluted. For that reason, seeking the counsel of a brilliant Williams, California attorney to help you set up a trust is probably a good idea.