Drafting a Trust In Fitchburg, Massachusetts

Find the right Drafting a Trust attorney in Fitchburg, MA

A trust in Fitchburg, Massachusetts 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.

There are several 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. Moreover, 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 permit the beneficiary to access the money in it under any conditions the person making the trust wishes. For example, the trust could be set up so the beneficiary can only use the money in it for education.

Because you, as the trustee, can determine 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 Fitchburg, MA Trust

To establish a valid trust in Fitchburg, 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 ensure that the money is only used for the purpose of the original trust agreement.

The third element is a beneficiary. The beneficiary is a person or entity who the trust is created to benefit. Although a beneficiary has to be named, they don't truly have to exist at the time the trust is written. For instance, if a person sets up a trust to benefit his or her grandchildren, and doesn't yet have any, the trust is valid. If and when their grandchildren are born, the rights that the trust creates will vest in them immediately.

Lastly, the trust needs to truly be composed of something. A trust document must name the money or property which is directly being held in trust, which is identified as the "corpus" or "body" of the trust.

Can A Fitchburg, Massachusetts 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 confusing. Therefore, it is advisable to contact a knowledgeable Fitchburg, Massachusetts attorney to help you set up a trust.

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

Life in Fitchburg

Fitchburg is the third largest city in Worcester County, Massachusetts. According to the 2010 census, it has a population of 40,318 people. Fitchburg is a city big on education, being home to Fitchburg State University, and also seventeen public and private elementary and high schools.

Some fun sites to check out are Fitchburg Historical Society, the Fitchburg Art Museum, Coggshall Park, the Wallace Civic Center, and Cornerstone Performing Arts Center.

Notable residents of Fitchburg include Michael Beasley, George Crowther, Ryan Gomes, Art Longsjo, Pat Moran, and Marion Rice.

Many attorneys have established law offices in Fitchburg to take care of the legal needs of residents. These attorneys are very capable and focus on providing excellent legal services.

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