Drafting a Trust In Pontiac, Michigan

Find the right Drafting a Trust attorney in Pontiac, MI

A trust in Pontiac, Michigan 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.

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

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.

The trust can also be set up to allow the beneficiary to spend as much of the money in it on anything they like. Of course, few people do this, because the trust isn't likely to last very long under such an arrangement, especially if the beneficiary is a teenager or young adult.

What to Include in Any Pontiac, MI Trust

There are 4 things that have to be present in every trust for it to be valid in Pontiac, Michigan. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it very clear when drafting the document.

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.

The third required element to make a valid trust is the beneficiary or beneficiaries. Because a trust, by definition, is set up to benefit someone or something, that entity must be identified in the trust. However, if the person(s) meant to benefit from the trust do not yet exist, they can still be valid beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For example, you could set up a trust to benefit your grandchildren, even if you don't actually have any grandchildren yet.

Fourth and finally, there must be some money or property which is actually going to be held in the trust. This property is referred to as the "corpus" (body) of the trust, and can be just about anything. However, it must actually exist, and it must be identified.

Can A Pontiac, Michigan 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 perplexing. For that reason, a Pontiac, Michigan attorney specializing in estate planning can be invaluable.

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

Life in Pontiac

Pontiac is located in Oakland County, Michigan. It is famous for being home to the General Motors manufacturing plants--especially for the Pontiac vehicle. In fact, the city now has a stadium named after the vehicle; the stadium is called the Pontiac Silverdome.

A fun site includes Woodward Avenue, an area filled with small shops and great restaurants, as well as hot-rod cars that drag race. Other popular sites include The Realm of Darkness haunted house, Erebus haunted house, and the Fallen Heroes Memorial.

Pontiac is also home to many attorneys who practice in various areas of law. These professionals focus on providing their clients with personalized, excellent legal services.

An interesting fact, and a reason for Pontiac being one of Michigan's most recognized cities, is that in 2010 the city underwent "The Rise of the Phoenix" initiative. Basically, businesses who opened offices in downtown Pontiac would be given free rent in exchange for multi-year leases, alongside one year free parking in local city lots. There was an application process and about 52 businesses were selected, which helped boost the Pontiac economy.

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