Drafting a Trust In Grand Junction, Colorado

Find the right Drafting a Trust attorney in Grand Junction, CO

In Grand Junction, Colorado, 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.

Regardless of the purpose for which you're establishing 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. So, if you want them to only be able to spend it on education, for example, you can do that.

Because you, as the trustee, can determine the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, effectively letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Grand Junction, CO Trust

There are 4 distinct elements that must be present for any trust to be valid in Grand Junction, Colorado. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be articulated.

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.

Fourth and finally, the trust must include what is known as the "corpus" or "body." The corpus is the money and/or property which is being held in trust. For a trust to be valid, the corpus must be clearly identified.

Can A Grand Junction, Colorado 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 complicated. For that reason, seeking the counsel of a good Grand Junction, Colorado attorney to help you set up a trust is probably a good idea.

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

Life in Grand Junction

Grand Junction, Colorado is a home-rule municipality, and the county seat of Mesa County, Colorado. According to a Census estimate from 2009, Grand Junction has a population of about 59,000 people. The city is located on the Colorado river, near where it receives the Gunnison River, hence the name "Grand Junction." Modernly, the city serves as an extremely important hub for commerce and transportation in its region. Grand Junction also grew rapidly in the 1970s and 80s, thanks to large deposits of oil shale. This was when technologies used to extract oil from shale became widely available. However, extracting oil from shale is still more expensive than simply drilling for it, and when oil prices began to decline, it ceased to be economically viable. This led to significant economic hardship for the region. In recent years, however, the economy of Grand Junction, Colorado has diversified and stabilized, eliminating the risks that arise when an economy becomes dependent on a single industry. It is a vibrant center for many industries, including healthcare, agriculture, livestock, and tourism. Grand Junction is near a major mountain resort, and it has become a popular destination for wealthy travelers. If you live in Grand Junction, and are facing any legal issue, whether it involves starting a business, adopting a child, taking out a mortgage, or writing a will, the chances that you'll be able to find a good Grand Junction, Colorado lawyer are excellent.

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