Drafting a Trust In Holyoke, Massachusetts

Find the right Drafting a Trust attorney in Holyoke, MA

A trust in Holyoke, 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. 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 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 Holyoke, MA Trust

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

Second, the trust needs a trustee. The trustee will have possession of the property or money that is being held in trust, and will be accountable for putting it to the use that the creator of the trust intended.

The third required element to make a valid trust is the beneficiary or beneficiaries. Because a trust, by definition, is set up to benefit someone or something, that entity must be identified in the trust. Nonetheless, if the person(s) meant to benefit from the trust do not yet exist, they can still be legitimate beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For instance, you could set up a trust to benefit your grandchildren, even if you don't truly have any grandchildren yet.

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

Can A Holyoke, 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 complicated. For that reason, a Holyoke, Massachusetts attorney experienced in estate planning can be invaluable.

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

Life in Holyoke

Holyoke is named for Elizur Holyoke who, in 1660, explored the area that is today incorporated into Hampden County. Holyoke is a Massachusetts city in close proximity to Springfield and has classically been a haven for Irish immigrants. Holyoke hosts the United States largest Saint Partick's Day Parade which annually attracts nearly 500,000 visitors each year. Holyoke has recently seen a vast influx of Puerto Rican and Latino immigrants yielding an annual Puerto Rican Day Parade on the third week of July. The parade is complete with food, music, and more. It's organized as part of the Annual Hispanic Family Festival which is put on by La Familia Hispana Incorporated. The festival and parade have drastically increased in popularity over time and attract Latinos from across the northeast. Holyoke is called home by a number of lawyers as well. Holyoke lawyers are familiar with local Hampden County courts and advise on a variety of cases.  

Holyoke maintains a number of year-round attractions as well. Some of the attractions include the Holyoke Cana System, Mount Tom, shopping at Holyoke Mall, trails like Metacomet-Monadnock Trail, a collegiate baseball team, and most notably the Dinosaur Footprints Reservation where visitors can see perfectly preserved footprints from prehistoric dinosaurs along the Connecticut River. 

Clients Rate LegalMatch Attorneys
(click to read reviews)

Regel B.
Regel B.

Wills, Trusts and Estates

Caldwell, LA

Brad M.
Brad M.

Wills, Trusts and Estates

Sussex, NJ

David L.
David L.

Wills, Trusts and Estates

Ashland, OH

Gotham Light