Drafting a Trust In Rochester Hills, Michigan

Find the right Drafting a Trust attorney in Rochester Hills, MI

A trust in Rochester Hills, 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 allow 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.

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, particularly if the beneficiary is a teenager or young adult.

What to Include in Any Rochester Hills, MI Trust

There are 4 things that have to be present in every trust for it to be legitimate in Rochester Hills, 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.

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, there must be a named beneficiary. This is the person, persons, or entity who is actually benefiting from the trust. This person or entity must be precisely identified, or must be identifiable at some point in the future that can be objectively defined.

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. But, it must actually exist, and it must be identified.

Can A Rochester Hills, Michigan Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to remember, drafting a trust that is sure to be carried out according to the wishes of the person making it can still be complicated. For that reason, a good Rochester Hills, Michigan attorney experienced in estate planning and the drafting trusts may prove invaluable.

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

Life in Rochester Hills

Rochester Hills is one of Michigan's most affluent cities. It is located northeast of Oakland County, and is home to around 71,000 people.

Some known areas include Rochester College, Oakland University, Meadow Brook Hall, the Dodge-Wilson estate, and the Auburn Hills neighborhood.

The top employers include the school district, Crittenton Hospital, FANUC Robotics, Wrights Filippis, Webasto Roof Systems, Volkswagen, Dura Automotive Systems, and the Henry Ford Health System.

Rochester Hills is also filled with many wonderful parks. Such parks include Paint Creek Trail, Borden Park, Bloomer Park, Avondale Park, Allen Park, and Riverbend Park. For nature lovers, these beautiful parks serve as a great reason to visit.

The area is also filled with some attorneys who practice law with great devotion and a sense of service. These attorneys are not only competent, but also well-connected. Thus, the legal needs of residents and/or businesses will always be taken care of.

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