Drafting a Trust In Kokomo, Indiana

Find the right Drafting a Trust attorney in Kokomo, IN

A trust in Kokomo, 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 consistently 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. Therefore, 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, basically letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Kokomo, IN Trust

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

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.

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

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. But, it must really exist, and it must be identified.

Can A Kokomo, Indiana Trust Drafting Attorney Help?

While it's fairly easy to list off the basic requirements for a valid trust, actually creating and implementing one can be fairly perplexing. Therefore, you should probably seek the guidance of a Kokomo, Indiana attorney if you wish to set up a trust.

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

Life in Kokomo

Kokomo is located in Howard County, Indiana. It is Indiana's thirteenth largest city and is home to around 45,500 people.

Some popular sites in Kokomo include Howard County Historical Society, Kokomo Beach, The Sycamore Stump, Old Ben, City of Firsts Automotive Heritage Museum, and Elwood Haynes Museum.

Kokomo's top employers include Chrysler LLC, Delphi Corporation, GM Components Holdings LLC, Haynes International, Holder Mattress, Syndicate Sales, Inc. and Coca-Cola. To support these businesses, Kokomo has many attorneys whose practice can take care of the legal needs of these corporations. Also, for complex legal matters, Kokomo residents can look to nearby Chicago's legal force to deal with legal issues that seem impossible.

Some famous residents include Sylvia Jane Kirby, Jim Ligon, Strother Martin, John O'Banion, Jimmy Rayl, Tavis Smiley, and Marc Pohlman.

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