In Ammon, Idaho, a trust is an arrangement in which property is held by one individual (the trustee) for the benefit of another (the beneficiary).
You might want to set up a trust for a wide number of reasons. It can be set up to guarantee that a child will have money for college, for instance, 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 very challenging) to spend it on things you don't approve of.
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 Ammon, ID Trust
There are 4 things that have to be present in every trust for it to be legitimate in Ammon, Idaho. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it extremely clear when drafting the document.
The second required element is a trustee. The trustee's job is to supervise and manage the money that makes up the trust. They are also required to take reasonable efforts to guarantee that the money is only utilized for the purpose of the original trust agreement.
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 Ammon, Idaho 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 Ammon, Idaho attorney experienced in estate planning and the drafting trusts may prove invaluable.