Drafting a Trust In Chanhassen, Minnesota

Find the right Drafting a Trust attorney in Chanhassen, MN

A trust in Chanhassen, 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 authorize 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 authorize the beneficiary unfettered access to the fund, or a particular 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 Chanhassen, MN Trust

To implement a legitimate trust in Chanhassen, 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.

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.

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

Fourth and finally, the trust must contain 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 legitimate, the corpus must be precisely identified.

Can A Chanhassen, Minnesota Trust Drafting Attorney Help?

While it's not difficult to understand the basic requirements of a trust, actually creating a trust can be a bit more intricate. Therefore, it is advisable to contact a seasoned Chanhassen, Minnesota attorney to help you set up a trust.

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

Life in Chanhassen

Chanhassen, Minnesota is a city of about 25,000 residents that straddles the Counties ofCarver and Hennepin.

Chanhassen is the site of a famous arboretum, which features several acres of beautiful horticultural exhibits, and a few miles of trails to view the area, which can be driven or walked.

The city of Chanhassen, Minnesota strongly emphasizes the value of outdoor recreation, and has a large number of parks, hiking trails, and natural open spaces. There are many lakes in the region, and several of them have publicbeaches which are very popular in the summer months, among residents and visitors alike.

There is a network of over 70 miles of hiking trails in Chanhassen, many of which cut through extremely scenic areas, with beautiful views. Furthermore, the town's lakes are very productive, making them great fishing areas. The city also has a skate park in its downtown area.

There are plenty of lawyers in Chanhassen, Minnesota to meet whatever legal needs you might have. Although they practice in a relatively small community, Chanhassen, Minnesota lawyers are competent to handle a wide range of legal problems. Whatever legal problem you or a loved one is facing, chances are that there's at least one Chanhassen, Minnesota lawyer who can help you out.

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