Drafting a Trust In Malden, Massachusetts

Find the right Drafting a Trust attorney in Malden, MA

A trust in Malden, 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 numerous 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 implement 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 Malden, MA Trust

To set up a legitimate trust in Malden, Massachusetts, 4 elements are necessary. First, the trust must have a stated purpose, and this purpose must be precisely laid out in the documents that implement the trust.

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

Third, the trust needs to have a named beneficiary. The beneficiary is the individual who benefits from the trust.

Lastly, and perhaps most notably, 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 Malden, 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 difficult. Therefore, you should probably seek the advice of a Malden, Massachusetts attorney if you wish to set up a trust.

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

Life in Malden

Malden is a city located in Middlesex County, Massachusetts. It has a population of slightly over 55,000 people.

The first European settlers in Malden were a group of Puritans, who purchased the land from the Pawtucket Indians. In 1648, the code of enacted laws in New England was printed in Malden. During the American Revolution, Malden played an important role in the American Revolution, and was a major stronghold of revolutionary sympathies.

Malden contains many fascinating historical landmarks, most of which are from the Revolutionary era and before. Malden is also home to several recreational areas, including parks and various sporting fields. Perhaps most notably, Malden is home to Pine Banks, a 107 acre recreational park featuring playgrounds, picnic areas, and a large, undeveloped area for hiking.

Malden, Massachusetts is also home to Middlesex Falls Reservation, a Massachusetts state park, which boasts many recreational activities for those who enjoy the outdoors.

If you live in Malden, Massachusetts, and need a lawyer, there's a good chance you'll be able to find the right one. Malden, Massachusetts lawyers can handle almost any case you might have.

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