Drafting a Trust In Marion, Iowa

Find the right Drafting a Trust attorney in Marion, IA

In Marion, Iowa, a trust is an arrangement in which property is held by one person (the trustee) for the benefit of another (the beneficiary).

You might want to set up a trust for a wide variety of reasons. It can be set up to ensure that a child will have money for college, for example, and that the child will only be able to use the money for that purpose.

If you are a trustee, you can authorize the beneficiary to access the trust under any conditions you see fit (or make it unconditional, if you want). The point is that, if you make sure the trust agreement is well-constructed, you can help the beneficiary in any way you like, secure in the knowledge that they won't be able (or will find it extremely difficult) to spend it on things you don't approve of.

Of course, the trust could also be set up to authorize the beneficiary unfettered access to the fund, or a particular 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 Marion, IA Trust

To set up a valid trust in Marion, Iowa, 4 elements are required. First, the trust must have a stated purpose, and this purpose must be clearly laid out in the documents that establish the trust.

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.

The third required element to make a valid trust is the beneficiary or beneficiaries. Because a trust, by definition, is set up to benefit someone or something, that entity must be identified in the trust. However, if the person(s) meant to benefit from the trust do not yet exist, they can still be valid beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For example, you could set up a trust to benefit your grandchildren, even if you don't really have any grandchildren yet.

Fourth and finally, there must be some money or property which is really going to be held in the trust. This property is referred to as the "corpus" (body) of the trust, and can be just about anything. However, it must really exist, and it must be identified.

Can A Marion, Iowa Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to memorize, drafting a trust that is likely to be carried out according to your wishes can be fairly complex. For that reason, a Marion, Iowa attorney specializing in estate planning can be invaluable.

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

Life in Marion

Marion, Iowa is a city of about 35,000 people, located in Linn County, Iowa. The city was named after Francis Marion, a hero of the American Revolutionary War. It was the first county seat of Linn County, but that designation was later moved to Cedar Rapids.

Marion has a relatively high median household income for its region; about ,000. The percentage of its population living below the poverty line is much lower than the national average. It is currently about 5%.

Marion, Iowa is well known for its corn production, like much of Iowa. Marion, Iowa has two museums focusing on the history of there area.

Marion also hosts regular summer concerts in its parks, where residents can, free of charge, see musicians perform in the park. Marion, Iowa has many parks and recreational options for residents and visitors alike.

If you are looking for an attorney, and happen to live in Marion, Iowa, and are in need of a good attorney, you can probably find one. There are many Marion, Iowa attorneys who can handle a wide variety of cases.

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