Drafting a Trust In Hobart, Indiana

Find the right Drafting a Trust attorney in Hobart, IN

A trust in Hobart, Indiana is a legal arrangement for the management of property by one individual, 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 individual, who benefits from the property.

Trusts serve a variety of purposes. For instance, 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.

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. Thus, if you want them to only be able to spend it on education, for instance, you can do that.

Because you, as the trustee, can decide the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, essentially letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Hobart, IN Trust

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

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.

Third, the trust needs to have a named beneficiary. The beneficiary is the individual who benefits from the trust.

Fourth and finally, the trust must contain 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 legitimate, the corpus must be precisely identified.

Can A Hobart, Indiana Trust Drafting Attorney Help?

While its' easy to list the basic elements that need to be present for a trust to be valid, the actual process of setting up a trust can be a little confusing. For that reason, seeking the counsel of a reliable Hobart, Indiana attorney to help you set up a trust is probably a good idea.

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

Life in Hobart

If you're not from Hobart than you may like to know it's been dubbed "Ho-bert" by the 26,000 Lake County locals. The city covers 26.7 square miles of Indiana. Hobart is situated in the extreme northwest of the State of Indiana and is just a stone's throw from Lake Michigan. The city's close proximity to the lake makes it popular among residents and vacationers alike but also among professionals working in Chicago, Illinois. Hobart is 31 miles from downtown Chicago and provides a sanctuary for professionals seeking a suburban setting. It's also popular because the cost of living in Hobart and Indiana is much less than that of Chicago. Over half of the people living in Hobart reported they were married and the residents' median income is ,000 each year. A number of Hobart citizens are also lawyers by day. Hobart lawyers are experienced with local courts and different cases, they're well acquainted with many different areas of law.  

The city of Hobart offers a wide range of recreational opportunities. The two most popular outdoor attractions are Lake George and the Indiana Dunes National Lakeshore. Lake George is a warmer and more low-key alternative to nearby Lake Michigan. Aside from fishing and bird watching, the lake also features live music and swimming areas.   

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