Drafting a Trust In Worcester, Massachusetts

Find the right Drafting a Trust attorney in Worcester, MA

A trust in Worcester, 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 several 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. Furthermore, 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 allow 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 allowing 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 Worcester, MA Trust

To set up a valid trust in Worcester, Massachusetts, 4 elements are required. First, the trust must have a stated purpose, and this purpose must be clearly laid out in the documents that establish the trust.

Second, the trust must also name a trustee. The trustee is the person who is actually 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 actually benefiting from the trust. This person or entity must be clearly identified, or must be identifiable at some point in the future that can be objectively defined.

Finally, 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 Worcester, 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 confusing. For that reason, a Worcester, Massachusetts attorney specializing in estate planning can be invaluable.

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

Life in Worcester

The City of Worchester is the seat of Worchester County, Massachusetts and home to 190,000 residents. As the 2nd largest city in New England after Boston, Worchester is known as the "Heart of the Commonwealth." Consequently, the Worcester City Seal is emblazoned with a heart.

The Worchester City Seal is also appropriate because there are a wide range of health-related businesses and schools in town. UMass Memorial Health Care, University of Massachusetts Medical School, Saint Vincent Hospital, Hanover Insurance, and the Fallon Clinic round out 5 of the top 8 employers in Worchester.

Other businesses, like Polar Beverages who operates two bottling facilities in Worcester, make use of the local staff of lawyers. Worcester lawyers consult clients on a wide range of cases.

Worcester has an abundance of Victorian era mill architecture like at the Jesuit College of the Holy Cross. The college was founded in 1843 and is one of the oldest Roman Catholic colleges in the United States and the oldest in all of New England. Worcester has a number of other universities including Clark University, Worcester Polytechnic Institute, Becker College, Assumption College, and the Massachusetts College of Pharmacy and Heal Sciences that bring a lot of students and tourists to the town.

Additionally, the Worcester Art Museum has famous works by the likes of Rembrandt, Renoir, Gauguin, Kandinsky, and Jackson Pollock on display. The Higgins Armory Museum is an excellent example of Art Deco steel buildings and is the only museum in the Northern Hemisphere dedicated to arms and armor.

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