Drafting a Trust In Frankfort, Kentucky

Find the right Drafting a Trust attorney in Frankfort, KY

A trust in Frankfort, Kentucky 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 can serve any variety of purposes. They can be set up to guarantee that the child has a college fund, or to see that the beneficiary's basic needs are met, without the money being spent on frivolities.

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

Of course, the trust could also be set up to allow the beneficiary unfettered access to the fund, or a certain 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 Frankfort, KY Trust

To formulate a legitimate trust in Frankfort, Kentucky, 4 elements must be present. The first element is purpose - the property being held in trust must be there for a reason. Your trust can serve just about any lawful purpose you can think of.

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, there must be some money or property which is actually 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 actually exist, and it must be identified.

Can A Frankfort, Kentucky Trust Drafting Attorney Help?

While it's not difficult to understand the basic requirements of a trust, actually creating a trust can be a bit more perplexing. Therefore, it is advisable to contact a reputable Frankfort, Kentucky attorney to help you set up a trust.

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

Life in Frankfort

Frankfort is a city in Franklin County, Kentucky. It is the capital of Kentucky, and with a population of under 30,000 people, it is one of the least populous state capitals in the United States. Frankfort was founded in the late 1700s, shortly after Kentucky became a state, with the specific purpose of serving as the state capital. During the Civil War, Frankfort was briefly occupied by confederate troops, Since the 1960s, Frankfort has seen considerable population and economic growth, mainly due to the construction of a few large (for a city this size) state and private office buildings, and other construction projects. Frankfort is also home to several distilleries who make Kentucky bourbon whiskey, the signature spirit of the region. Some of these older office towers are slated for demolition, with the intention of building a new, more modern, business center, with several smaller buildings providing for office space. There are plenty of lawyers in Frankfort, Kentucky who can handle whatever legal problems you might be facing. If you need any type of legal assistance, whether you're signing a mortgage, getting a divorce, starting a business, or anything else, a Frankfurt, Kentucky lawyer can help.

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