Drafting a Trust In Gary, Indiana

Find the right Drafting a Trust attorney in Gary, IN

A trust in Gary, Indiana is a legal arrangement for the management of property by one person, for the benefit of another. In the simplest possible terms, if property is held in trust, it is possessed and controlled by one person, but it is technically owned by another person, who benefits from the property.

Trusts serve a number of purposes. For example, they can be set up to ensure that the beneficiary (say, a child) will perpetually have enough money to live off of, but will be unable to spend it all on frivolities.

A trust can make as many or as few allowances as the person creating it wants. For example, a trust could be set up which permits the beneficiary to spend the money on educational expenses, and nothing else.

A trust could, of course, be much more permissive, if the creator of the trust wants it to be. You could set up a trust authorizing the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a situation, the trust fund might not last very long, especially if the beneficiary is a younger person.

What to Include in Any Gary, IN Trust

To establish a trust in Gary, Indiana, 4 things are required. The first is purpose - the trust must be set up to serve some kind of objective, and it must be clearly stated in the document that creates the trust.

Second, the trust must also name a trustee. The trustee is the person who is truly going to administer the trust, and has possession and control of the property while it is the subject 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.

Finally, the trust needs to have a corpus, or body. The "body" of the trust is the property that benefits the beneficiary, and that the trustee oversees. Obviously, there can be no trust without something being held in trust.

Can A Gary, Indiana 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 perplexing. For that reason, a Gary, Indiana attorney specializing in estate planning can be invaluable.

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

Life in Gary

Gary is located in Lake County, Indiana. It is located south east of Chicago, about 25 miles from downtown Chicago. Approximately 80,300 people call Gary, Indiana their home. Gary is the seventh largest city in Indiana, and is near Lake Michigan.

Gary is known for its large steel mills and for being the birthplace of the Jackson family. Some famous residents include the Jacksons, Avery Brooks, Freddie Gibbs, Gerald Irons, Tank Johnson, Ron Kittle, William Marshall, Ernest Lee Thomas, Deniece Williams, and Fred Williamson.

Some popular attractions include Brunswick Park, Hillman Park, Little Calumet River, Glen Park, and Jefferson Park.

Gary is also home to attorneys who practice in various areas of law. Residents can also look to the strong legal force in nearby Chicago for their legal needs.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Regel B.
Regel B.

Wills, Trusts and Estates

Caldwell, LA

Brad M.
Brad M.

Wills, Trusts and Estates

Sussex, NJ

David L.
David L.

Wills, Trusts and Estates

Ashland, OH

Gotham Light