Drafting a Trust In Troy, Michigan

Find the right Drafting a Trust attorney in Troy, MI

A trust in Troy, 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 Troy, MI Trust

To create a valid trust in Troy, Michigan, 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, every trust, to be valid, has to assign a trustee. This is the individual or other entity (such as a corporation) who oversees the property that embodies the trust. They possess and control the property, and are responsible for seeing that it is used according to the purpose 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, the trust must include what is known as the "corpus" or "body." The corpus is the money and/or property which is being held in trust. For a trust to be valid, the corpus must be clearly identified.

Can A Troy, Michigan 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 complicated. For that reason, seeking the counsel of a good Troy, Michigan 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 Troy

Troy is a suburb of Detroit, Michigan. It is a well-recognized area for its shopping and business centers. Troy has many buildings providing office spaces, and an upscale Somerset Collection that has become a shopper's favorite.

Interestingly, Troy was ranked the fifth safest city in the nation! In 2008, CNN Money also ranked Troy twenty-second on the list of the "Best Places to Live in the United States." Criteria used by CNN Money for the list include housing, education quality, economy, and recreation. Offering so much, Troy manages to be the fourth most affordable U.S. city to live in, with an apparent median household income of ,000.

Some famous people who have called Troy home include Sutton Foster, Ellen Hollman, Martin Klebba, Steve McCatty, Ivana Milicevic, Steven Yeun, and Bridget Regan.

The Top of Troy is the city's tallest building that is home to many offices. Law firms have also found a home in The Top of Troy. These firms train attorneys to provide clients with the best possible legal services. Therefore, residents and local businesses will never have an issue solving any of their legal matters.

Overall, Troy provides residents with a wonderful quality of life!

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