Drafting a Trust In Thornton, Colorado

Find the right Drafting a Trust attorney in Thornton, CO

In Thornton, 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. Thus, if you want them to only be able to spend it on education, for example, you can do that.

The trust can also be set up to permit the beneficiary to spend as much of the money in it on anything they like. Of course, few people do this, because the trust isn't likely to last very long under such an arrangement, especially if the beneficiary is a teenager or young adult.

What to Include in Any Thornton, CO Trust

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

Second, every trust, to be valid, has to assign a trustee. This is the individual or other entity (such as a corporation) who oversees the property that embodies the trust. They possess and control the property, and are responsible for seeing that it is used according to the purpose of the trust.

Third, there must be a named beneficiary. This is the person, persons, or entity who is truly benefiting from the trust. This person or entity must be clearly identified, or must be identifiable at some point in the future that can be objectively defined.

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 Thornton, Colorado Trust Drafting Attorney Help?

While it's fairly easy to list off the basic requirements for a valid trust, actually creating and implementing one can be fairly confusing. Therefore, you should probably seek the assistance of a Thornton, Colorado attorney if you wish to set up a trust.

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

Life in Thornton

The city of Thornton, Colorado has a population of about 118,000 and is located in Weld and Adams counties. Thornton's location near the city of Denver and near the Rocky Mountains allows for ample opportunities for business, residence, and recreational activities. Thornton's community is marked by a high degree of volunteerism and participation in local events.

Thornton, Colorado is a unique city in that it actively pursues development of recreation programs and facilities. Overall, Thornton boasts over 80 city parks and more than 1,000 acres of land designated for public parks. The city also maintains numerous athletic fields, swimming pools, tennis courts, and gymnasiums. Indoor and outdoor facilities provide Thornton residents with ample opportunities for leisure activities year-round.

There are many opportunities for business and retail shopping in Thornton, Colorado. Popular places for residents and tourists to visit include Larkridge Mall, Thorncreek Crossing Shopping Center, and Thornton Town Center. These locations offer many choices for restaurants and national retail stores. Thornton is also surrounded by nine major colleges and universities within a 45-mile radius. These include Regis University and University of Denver. Many Thornton residents work at these institutions, and events and festivals are often held on the campuses.

Lawyers in Thornton, Colorado offer legal services in a broad range of fields. Many Thornton lawyers are members of multiple state and county bar associations. The Thornton Municipal Court is where many lawyers process legal claims.

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