Drafting a Trust In Grand Rapids, Michigan

Find the right Drafting a Trust attorney in Grand Rapids, MI

A trust in Grand Rapids, Michigan 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.

You might want to set up a trust for a wide number of reasons. It can be set up to guarantee that a child will have money for college, for instance, and that the child will only be able to use the money for that purpose.

A trust can be set up to authorize 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.

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 Grand Rapids, MI Trust

To implement a trust in Grand Rapids, Michigan, 4 things are required. The first is purpose - the trust must be set up to serve some sort of objective, and it must be precisely stated in the document that creates the trust.

Second, the trust needs a trustee. The trustee will have possession of the property or money that is being held in trust, and will be accountable for putting it to the use that the creator of the trust intended.

Third, the trust further has to name a beneficiary. This is the individual or entity (such as a charitable organization) who is going to benefit from the trust.

Lastly, and perhaps most notably, the trust requires a "body." The body of a trust is the thing (normally, but not always, money) that is really being held in trust, and therefore overseen by the trustee, and utilized to help the beneficiary.

Can A Grand Rapids, Michigan 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 complicated. Therefore, you should probably seek the advice of a Grand Rapids, Michigan attorney if you wish to set up a trust.

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

Life in Grand Rapids

Grand Rapids, MI is a city serving as the county seat of Kent County. It is a fairly large city, with a population of slightly under 200,000 people. Human habitation of the area now known as Grand Rapids can be traced back at least 2,000 years, when elements of the Hopewell Culture (a large group of tribes which extended from Canada down the Southeastern U.S., which developed cultural similarities through centuries of trade) lived in the area. By about 1700AD, the Ottawa Indians had moved into the area, and established a permanent presence. Europeans first reached Grand Rapids in the early 1800s, with the first settlers being missionaries and fur traders. In the early 20th Century, Grand Rapids, Michigan became known as "the furniture city" due to its large natural supply of lumber, which lead many famous furniture manufacturers and designers to set up shop there.Modernly, furniture and automotive industries still maintain a presence in Grand Rapids, Michigan. However, their presence has gradually waned over the past decades.

If you live in Grand Rapids, Michigan, and need a good attorney, chances are good that you can find one. Grand Rapids, Michigan lawyers are very qualified to handle virtually any case that comes into their door.

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