A trust in Eagan, 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 permit 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.
Because you, as the trustee, can decide the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, essentially letting them do whatever they want with the money, if that's what you want to do.
What to Include in Any Eagan, MN Trust
There are 4 distinct elements that must be present for any trust to be legitimate in Eagan, Minnesota. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be expressed.
Second, there must be a trustee. This is the individual who will administer the trust, and retain possession of the property or money that it contains, as well as being accountable for utilizing it to effectuate the trust's purpose.
Third, the trust needs to have a named beneficiary. The beneficiary is the individual who benefits from the trust.
Fourth and finally, there must be some money or property which is directly 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 truly exist, and it must be identified.
Can A Eagan, Minnesota Trust Drafting Attorney Help?
While it's fairly easy to list off the basic requirements for a valid trust, actually creating and implementing one can be fairly complicated. Therefore, you should probably seek the guidance of an Eagan, Minnesota attorney if you wish to set up a trust.