Drafting a Trust In Silver Spring, Maryland

Find the right Drafting a Trust attorney in Silver Spring, MD

A trust in Silver Spring, 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 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. Additionally, if the trust is well-drafted, the beneficiary can be restricted in how they use the money, so they don't waste it.

If you are a trustee, you can authorize the beneficiary to access the trust under any conditions you see fit (or make it unconditional, if you want). The point is that, if you make sure the trust agreement is well-constructed, you can help the beneficiary in any way you like, secure in the knowledge that they won't be able (or will find it very challenging) to spend it on things you don't approve of.

Because you, as the trustee, can decide the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, basically letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Silver Spring, MD Trust

To implement a legitimate trust in Silver Spring, Maryland, 4 elements must be present. The first element is purpose - the property being held in trust must be there for a reason. Your trust can serve just about any lawful purpose you can think of.

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

The third element is a beneficiary. The beneficiary is a person or entity who the trust is constructed to benefit. Although a beneficiary has to be named, they don't really have to exist at the time the trust is written. For example, 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.

Finally, the trust needs to really be composed of something. A trust document must name the money or property which is really being held in trust, which is recognized as the "corpus" or "body" of the trust.

Can A Silver Spring, Maryland Trust Drafting Attorney Help?

While it's not difficult to understand the basic requirements of a trust, actually creating a trust can be a bit more intricate. Therefore, it is advisable to contact a seasoned Silver Spring, Maryland attorney to help you set up a trust.

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

Life in Silver Spring

Silver Spring is located in Montgomery County, Maryland. It has a population of around 71,452 per the 2010 census. It is Maryland's fourth most populated city after Baltimore, Columbia, and Germantown.

Downtown Silver Spring is known as a major business hub. Many small businesses have located in downtown. These business include retail, services and the legal industry. Two of the largest employers include Choice Hotels and Discovery Communications. To support all the small businesses and local residents, many attorneys have established small firms and law offices to tend to any and every legal need.

Popular attractions include the American Film Institute Silver Theatre and Culture Center, the Silver Spring Jazz Festival, and the Gandhi Brigade media project.

All in all, Silver Spring is a loving town with both a business-savvy and community-like buzz!

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