Drafting a Trust In Haverhill, Massachusetts

Find the right Drafting a Trust attorney in Haverhill, MA

A trust in Haverhill, 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. Additionally, 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 authorize 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.

If you want, you could formulate a trust with no restrictions on how much money the trustee can spend from the trust, and let the beneficiary spend all the money on whatever they'd like. If this is what you want to do, that's fine- but if the beneficiary is a young adult with spendthrift habits, you obviously might want to take into consideration the fact that they could quickly spend all the money on some pretty frivolous stuff.

What to Include in Any Haverhill, MA Trust

There are 4 things that have to be present in every trust for it to be legitimate in Haverhill, Massachusetts. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it extremely clear when drafting the document.

Second, the trust must further name a trustee. The trustee is the person who is really going to administer the trust, and has possession and control of the property while it is the subject of the trust.

Third, there must be a named beneficiary. This is the person, persons, or entity who is really benefiting from the trust. This person or entity must be precisely identified, or must be identifiable at some point in the future that can be objectively defined.

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 Haverhill, Massachusetts Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to memorize, drafting a trust that is likely to be carried out according to your wishes can be fairly perplexing. For that reason, a Haverhill, Massachusetts attorney experienced in estate planning can be invaluable.

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

Life in Haverhill

Haverhill is a Massachusetts city located in the county of Essex. Founded in 1640, it is one of the oldest known communities in the state. The city encompasses a wide range of industries, from agricultural rural land use to modern research efforts found in its urban areas.

Haverhill is dedicated to preserving its rich history which captures early American life. The Haverhill Historical Society showcases colonial life through the Buttonwood Museum. Recently Haverhill formed "Cultural Treasures", a collection of five non-profit cultural groups promoting history and the arts.

There are many opportunities for outdoor recreation in Haverhill. In particular, the Merrimack River is an ideal location for hiking and observing nature. Haverhill is home to a growing bald eagle population which can be seen along the River.

Noteworthy Haverhill inhabitants have included inventor Alexander Graham Bell, Supreme Court Justice William Henry Moody, and comic creator Bob Montana. Bob Montana's famous comic "Archie" is based on everyday Haverhill life.

Lawyers in Haverhill, Massachusetts generally file most of their cases at the Haverhill District Court. Many Haverhill lawyers are members of outstanding Massachusetts legal organizations.

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