Drafting a Trust In Somerville, Massachusetts

Find the right Drafting a Trust attorney in Somerville, MA

A trust in Somerville, 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 many 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.

A trust could, of course, be much more permissive, if the creator of the trust wants it to be. You could set up a trust authorizing the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a situation, the trust fund might not last very long, especially if the beneficiary is a younger person.

What to Include in Any Somerville, MA Trust

There are 4 things that have to be present in every trust for it to be valid in Somerville, 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.

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 Somerville, Massachusetts Trust Drafting Attorney Help?

While the elements of a valid trust are relatively simple and easy to remember, drafting a trust that is sure to be carried out according to the wishes of the person making it can still be intricate. For that reason, a good Somerville, Massachusetts attorney specializing in estate planning and the drafting trusts may prove invaluable.

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

Life in Somerville

Located in Middlesex County, Sommerville, Massachusetts is just two miles north from the state capital of Boston. Sommerville has a population of just under 80,000 residents and is listed as the most densely populated communities in all of New England.

Sommerville was first settled in 1630 and is now considered to be one of the most ethnically diverse communities in all of the United States, with many recent immigrants from Brazil, El Salvador, and Haiti. With over fifty spoken languages used in Somerville schools and 1/3 of the city population born i another country, it is no wonder Somerville has such an ethnic distinction.

Arts and culture is another noteworthy aspect of the New England city. Next to New York, Somerville houses more artists per capita than any other city. The city hosts many artistic events such as the Somerville Arts Council, Brickbottom Artist Association, and the ArtBeat Festival.

Diversity and culture make for the perfect location for many of New England's top lawyers to set up show. Somerville lawyers are skilled in a rage of specialties and able to help their neighbor with any legal issue he or she may encounter. There is a thriving legal community in Sommerville, many coming from top law schools located in Boston.

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