Drafting a Trust In Bethesda, Maryland

Find the right Drafting a Trust attorney in Bethesda, MD

A trust in Bethesda, Maryland 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. 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.

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 case, the trust fund might not last very long, particularly if the beneficiary is a younger person.

What to Include in Any Bethesda, MD Trust

To set up a legitimate trust in Bethesda, Maryland, 4 elements are necessary. First, the trust must have a stated purpose, and this purpose must be precisely laid out in the documents that formulate 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 guarantee that the money is only utilized for the purpose of the original trust agreement.

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

Lastly, and perhaps most especially, 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 Bethesda, Maryland Trust Drafting Attorney Help?

While its' easy to list the basic elements that need to be present for a trust to be valid, the actual process of setting up a trust can be a little confusing. For that reason, seeking the counsel of a reliable Bethesda, Maryland attorney to help you set up a trust is probably a good idea.

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

Life in Bethesda

Bethesda is located in Montgomery County, Maryland. It is northwest of Washington D.C. The city was named after a local church--the Bethesda Meeting House. It is known as one of Maryland's most affluent and highly educated communities. In facts, Forbes Magazine listed it first in "America's Most Educated Small Towns."

Two popular sites include The National Institute of Health and the National Naval Medical Center Other attractions include Capital Crescent Trail, Burning Tree Club, and Bethesda Avenue.

Large corporations that have a presence in Bethesda include American Capital, AREVA, Inc., Cambridge Information Group, Coventry Health Care, GetWellNetwork, HMSHost, Honest Tea, Host Hotels Resorts, Iridium Satellite LLC, Lockheed Martin, Marriott International, Ritz Carlton, and the United States Enrichment Corporation. Although not large, the legal industry does have a presence in Bethesda as well because the city is home to attorneys who practice in various fields of law.

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