Drafting a Trust In Everett, Massachusetts

Find the right Drafting a Trust attorney in Everett, MA

A trust in Everett, Massachusetts 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.

There are various reasons why a person might set up a trust. A well-managed trust, started with a substantial amount of money, can mature into a sizable college fund for a child. Furthermore, if the trust is well-drafted, the beneficiary can be restricted in how they use the money, so they don't waste it.

A trust can be set up to allow the beneficiary to access the money in it under any conditions the person making the trust wishes. For instance, the trust could be set up so the beneficiary can only use the money in it for education.

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, effectively letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Everett, MA Trust

To formulate a legitimate trust in Everett, Massachusetts, 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.

Lastly, and perhaps most especially, the trust requires a "body." The body of a trust is the thing (usually, but not always, money) that is actually being held in trust, and therefore overseen by the trustee, and utilized to help the beneficiary.

Can A Everett, Massachusetts 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 Everett, Massachusetts attorney if you wish to set up a trust.

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

Life in Everett

Everett is located in Middlesex County, Massachusetts. It is conveniently located near Boston and has a population of around 41,667 (per the 2010 census).

Everett's top employer is the LNG terminal of Massachusetts LLC. The company has an approximate property of around 35 acres in Everett.

Everett is also home to attorneys who have established their practices via small law offices. These attorneys are capable to handle any and every legal inquiry, and focus on providing personalized legal services.

Some famous residents include Pat Bradley, Omar Easy, Pat Hughes, Brian Kelly, Ellen Pompeo, and Martin P. Paone.

Other reasons why Everett is recognized is because it is where ABC's show "Boston's Finest" was set. The 2007 film Gone Baby Gone, starring Ben Affleck, also used Everett as the setting.

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