Drafting a Trust In Waterford, Michigan

Find the right Drafting a Trust attorney in Waterford, MI

A trust in Waterford, 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 permit 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 permit 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 Waterford, MI Trust

To establish a valid trust in Waterford, 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.

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 ensure that the money is only used for the purpose of the original trust agreement.

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

Lastly, the trust needs to truly be composed of something. A trust document must name the money or property which is directly being held in trust, which is identified as the "corpus" or "body" of the trust.

Can A Waterford, Michigan Trust Drafting Attorney Help?

While the elements of a valid trust are relatively 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 intricate. For that reason, a good Waterford, Michigan attorney specializing in estate planning and the drafting trusts may prove invaluable.

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

Life in Waterford

The beautiful city of Waterford, Michigan is the third largest township in the state of Michigan with just over 73,000 residents. The self-proclaimed "Lakeside Paradise" is located in Oakland County Michigan and was established in 1834. Waterford is a city that has a lot to offer both residents and visitors alike. The city of Waterford is located in Oakland County, and its central location makes it a very easy city to live in. Wateford is located on 35.3 square miles and has lots of parks, trails, and other activities for people to enjoy. Additionally, the Oakland County International Airport is located in Waterford, making for easy access in and out of the city of Waterford.

Waterford has a thriving professional community with many talented doctor, lawyers, accountants, and businessman working in various capacities. Waterford lawyers are some of the best in the business, and many come from the University of Michigan Law School and settle to practice in Waterford. Whatever the legal issue is, a Waterfod lawyer is available to help!

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