Drafting a Trust In Bel Air, Maryland

Find the right Drafting a Trust attorney in Bel Air, MD

A trust in Bel Air, Maryland 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. 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 Bel Air, MD Trust

To set up a valid trust in Bel Air, Maryland, 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.

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.

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

Fourth and finally, the trust must include what is known as the "corpus" or "body." The corpus is the money and/or property which is being held in trust. For a trust to be valid, the corpus must be clearly identified.

Can A Bel Air, Maryland 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 complex. Therefore, you should probably seek the help of a Bel Air, Maryland attorney if you wish to set up a trust.

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

Life in Bel Air

Bel Air is located in Harford County, Maryland. When Bel Air comes to mind, people usually think of the popular television sitcom "The Fresh Prince of Bel Air," or Bel Air in Los Angeles, California. However, this quaint town in Maryland has a population of a little over 11,000 people. It is home to a very diverse population of people with a median household income of around ,135.

The hospital and school district system are the primary employers. Bel Air is also home to some practicing attorneys who aid residents with their legal needs, while providing excellent and personalized legal servies.

Although a small town, Bel Air has been the home of some very famous people. Famous residents include John Archer, John Wilkes Booth, Augustus Bradford, Kimmie, Meissner, Melvin Mora, Herman Stump, Jay Witasick, and Pat Healey.

All in all, Bel Air is a wonderful place to live that offers residents small town charm along with a unified community spirit.

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