Drafting a Trust In Lowell, Massachusetts

Find the right Drafting a Trust attorney in Lowell, MA

A trust in Lowell, 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 Lowell, MA Trust

There are 4 things that have to be present in every trust for it to be legitimate in Lowell, 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, there must be a trustee. This is the individual who will administer the trust, and retain possession of the property or money that it contains, as well as being accountable for utilizing it to effectuate the trust's purpose.

The third element is a beneficiary. The beneficiary is a person or entity who the trust is constructed to benefit. Although a beneficiary has to be named, they don't really have to exist at the time the trust is written. For example, 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 have a corpus, or body. The "body" of the trust is the property that benefits the beneficiary, and that the trustee oversees. Obviously, there can be no trust without something being held in trust.

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

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

Life in Lowell

Lowell, Massachusetts is the fourth largest city in the state with a population of over 106,000. Along with Cambridge, Lowell serves as the county seat for Middlesex County. Lowell is most famous for being "the birthplace of the industrial revolution" within the U.S. It was the first U.S. city to have phone numbers, and Alexander Graham Bell once demonstrated the telephone in Lowell.

The city offers many of the amenities of a large city, while at the same time maintaining a small-town culture. Neighborhoods in Lowell, Massachusetts proudly display historic homes in a variety of styles, such as Colonials, Capes, Ranches, and Victorians. Lowell is also one of the oldest cities in the state and has produced many outstanding figures in American history, such as author Jack Kerouac and entertainer Ed McMahon.

In addition to preserving its rich history, Lowell is known for constantly employing new technologies and innovations. For example, the city is home to Lowell Telecommunications, which is a dynamic, evolving community media center. The Revolving Museum is another facility that offers public art exhibits and educational programs. Lowell's focus on economic and business development has provided the community with ample opportunities for progress and advancement.

Many lawyers in Lowell, Massachusetts work closely with the Lowell District Court. Lowell lawyers offer legal services in many different fields to cover the needs of the community. Lowell is known for being host to a large number of civic service organizations, which many lawyers are active in.

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