Drafting a Trust In Colorado Springs, Colorado

Find the right Drafting a Trust attorney in Colorado Springs, CO

In Colorado Springs, Colorado, 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.

Regardless of the purpose for which you're creating a trust, you can be sure that the beneficiary will only be able to spend the trust fund in ways you approve of. This is because a trust document, at the time of drafting, can place any restrictions or allowances you want on the beneficiary's use of the money. Thus, if you want them to only be able to spend it on education, for instance, you can do that.

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 Colorado Springs, CO Trust

To formulate a trust in Colorado Springs, Colorado, 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.

The third element is a beneficiary. The beneficiary is a person or entity who the trust is created to benefit. Although a beneficiary has to be named, they don't truly 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.

Finally, the trust needs to truly be composed of something. A trust document must name the money or property which is directly being held in trust, which is identified as the "corpus" or "body" of the trust.

Can A Colorado Springs, Colorado 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 complicated. Therefore, it is advisable to contact a reliable Colorado Springs, Colorado attorney to help you set up a trust.

Talk to a Wills, Trusts and Estates Law Attorney now!

Life in Colorado Springs

Colorado Springs is the seat of El Paso County and is known as Money Magazine's "best big city to live in" and Outside Magazine named it number one in their 2009 list of America's best cities. Peterson Air Force Base, Falcon Air Force Base, and the Air Force Space Command are all located in Colorado Springs and draw a number of U.S. Service men and women. In fact, the famed NORAD was based in to Cheyenne Mountain overlooking the city. The armed forces including Fort Carson, Peterson Air Force Base, the United States Air Force Academy, and Schriever Air Force Base employ over 20% of the city's population.

It may be obvious to you then, Colorado Springs is home to a number of defense industry professionals from aerospace and missile defense to communications and engineering. Beoing, L-3 Communications, and General Dynamics all have major installations in Colorado Springs alongside the likes of Northrop Grumman and Lockheed Martin. The high tech boom in Colorado Springs has ushered in companies like Verizon Business, Hewlett-Packard, Intel, and Agilent. The companies range from software design to computer chip manufacturing and testing.

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