Drafting a Trust In Burnsville, Minnesota

Find the right Drafting a Trust attorney in Burnsville, MN

A trust in Burnsville, Minnesota 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.

If you are a trustee, you can allow the beneficiary to access the trust under any conditions you see fit (or make it unconditional, if you want). The point is that, if you make sure the trust agreement is well-constructed, you can help the beneficiary in any way you like, secure in the knowledge that they won't be able (or will find it very challenging) to spend it on things you don't approve of.

Of course, the trust could also be set up to allow the beneficiary unfettered access to the fund, or a certain amount of money could be released from the fund to the beneficiary each month, for the beneficiary to use as he or she sees fit.

What to Include in Any Burnsville, MN Trust

To implement a legitimate trust in Burnsville, Minnesota, 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 accountable for seeing that it is utilized 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. Nonetheless, if the person(s) meant to benefit from the trust do not yet exist, they can still be legitimate beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For instance, 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. But, it must actually exist, and it must be identified.

Can A Burnsville, Minnesota 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 confusing. For that reason, a Burnsville, Minnesota attorney experienced in estate planning can be invaluable.

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

Life in Burnsville

Burnsville, Minnesota is a city directly south of Minneapolis, located in Dakota County. It has a population of just under 60,000, according to a 2007 Census estimate.

Burnsville, Minnesota is home to one of the largest shopping malls in the region, the Burnsville Center, which boasts over 1 million square feet of retail space.

Burnsville, Minnesota has a long and storied history. The first humans to populate the area were the Mdewakanton Dakota Indians, who likely lived in the area for hundreds, if not thousands, of years before the arrival of the first European settlers.

Modernly, Burnsville, Maryland has been on the forefront of the "smart growth" movement, with new projects in its downtown area being cetered around the principles of making the city more attractive, environmentally friendly, less sprawling, and more accessible to cyclists and pedestrians.

This forward-thinking attitude is likely to serve Burnsville, Maryland quite well in the future. Large amounts of foot traffic tend to make an area more attractive to small businesses, especially restaurants and retailers, and this is on top of the positive health and environmental effects of walking or cylcing, instead of driving.

Of course, as in any city, the lawyers of Burnsville, Maryland must also be able to handlemany types oflegal problems. If you have any legal problem, it's likely that there is at least one Burnsville, Maryland lawyer who can help you.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Regel B.
Regel B.

Wills, Trusts and Estates

Caldwell, LA

Brad M.
Brad M.

Wills, Trusts and Estates

Sussex, NJ

David L.
David L.

Wills, Trusts and Estates

Ashland, OH

Gotham Light