Drafting a Trust In New Haven, Connecticut

Find the right Drafting a Trust attorney in New Haven, CT

In New Haven, Connecticut, 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. Therefore, if you want them to only be able to spend it on education, for instance, you can do that.

The trust can also be set up to authorize 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, particularly if the beneficiary is a teenager or young adult.

What to Include in Any New Haven, CT Trust

To formulate a trust in New Haven, Connecticut, 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 constructed to benefit. Although a beneficiary has to be named, they don't really 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 really be composed of something. A trust document must name the money or property which is really being held in trust, which is recognized as the "corpus" or "body" of the trust.

Can A New Haven, Connecticut Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to remember, drafting a trust that is sure to be carried out according to the wishes of the person making it can still be complex. For that reason, a good New Haven, Connecticut attorney experienced in estate planning and the drafting trusts may prove invaluable.

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

Life in New Haven

New Haven, Connecticut is located in New Haven County. With a population of over 129,000, it is the second largest city in Connecticut. New Haven is known for being home to Yale University, an Ivy League school. The city has been nicknamed "The City of Elms" due to its extensive canopy of trees.

Aside from Yale University, New Haven's economy is driven by health care facilities, financial companies, retail, and professional services (legal and engineering). The downtown New Haven area has been described as an "upscale downtown", as it is more residential in character than most typical downtowns. In particular, the New Haven Green community has been revitalized to include condominiums and apartment complexes. The downtown area also has many retail stores and restaurants, making it an ideal scene for the nightlife.

In addition to its highly intellectual and political culture, New Haven offers some of the nation's best cuisines. A popular local favorite is New Haven pizza, called "apizza", which comes in several variations. Downtown has been recognized as serving the country's "finest Spanish food". New Haven has also served as home for several presidents, Bill Clinton, William Howard Taft, Gerald Ford, and the Bush family.

New Haven, Connecticut lawyers offer services to meet the city's unique legal needs. Lawyers in New Haven practice law in many fields and are familiar with the laws of Connecticut. New Haven County operates its own local bar association apart from the state Connecticut Bar Association.

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