Drafting a Trust In Wheat Ridge, Colorado

Find the right Drafting a Trust attorney in Wheat Ridge, CO

In Wheat Ridge, 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 Wheat Ridge, CO Trust

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

Second, there must be a trustee. This is the person who will administer the trust, and retain possession of the property or money that it contains, as well as being responsible for using it to effectuate the trust's purpose.

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 Wheat Ridge, 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 difficult. Therefore, you should probably seek the help of a Wheat Ridge, Colorado attorney if you wish to set up a trust.

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

Life in Wheat Ridge

Wheat Ridge has a population of 32,000 people and is located in Jefferson County, Colorado, just west of Denver. It is situated just 5 miles away from the Colorado state Capital.

The city of Wheat Ridge was originally founded as early as 1859, and incorporated in 1969. The settlement began as a farming village which assisted nearby mining communities. The Wheat Ridge Historical Society is dedicated to preserving the city's history, which includes several log cabins which are still standing to this day.

Currently, Wheat Ridge has a thoroughly developed Parks and Recreation Department with several branches for various activities. Examples of recreational activities for Wheat Ridge residents include programs at the Active Adult Center and the Performances in the Park concert series held from July through August. The concert series draws many local and nationwide performers, and is a great example of the city's lively atmosphere and commitment to development.

Wheat Ridge lawyers typically file their claims at the Wheat Ridge Municipal Court. Some legal claims can also be heard at the Jefferson County Court. Many lawyers in Wheat Ridge, Colorado are members of different professional organizations such as the Jefferson County Bar Association.

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