Drafting a Trust In Eden Prairie, Minnesota

Find the right Drafting a Trust attorney in Eden Prairie, MN

A trust in Eden Prairie, 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.

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, effectively letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Eden Prairie, MN Trust

There are 4 distinct elements that must be present for any trust to be legitimate in Eden Prairie, Minnesota. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be articulated.

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.

The third element is a beneficiary. The beneficiary is a person or entity who the trust is designed to benefit. Although a beneficiary has to be named, they don't actually 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 Eden Prairie, 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 complicated. For that reason, a Eden Prairie, Minnesota attorney experienced in estate planning can be invaluable.

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

Life in Eden Prairie

Eden Prairie, Minnesota is a city directly outside downtown Minneapolis. Its population is approximately 50,000 people.

There are many scenic lakes and ponds in Eden Prairie, and the city has over 170 miles of hiking trails to take advantage of this scenery, along with over 2,200 acres of parks, and 1,300 acres of open space.

Until the early 1960s, Eden Prairie was largely a bedroom community for the nearby cities of Minneapolis and St. Paul (a community consisting almost entirely of residences, where residents commute to a larger city for work). However, it now boasts over 2,000 businesses, and hosts major offices of many large businesses in the healthcare, logistics, retail, and distribution industries.

Money Magazine frequently names Eden Prairie as one of the best places in America to live, thanks to a variety of industries creating many different types of jobs, its natural scenery, the quality of its public schools, among many other factors.

Furthermore, there are plenty of Eden Prairie, Minnesota lawyers who can provide virtually any legal services you might need. Eden Prairie, Minnesota lawyers can handle almost any kind of case.

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