A trust in South St. Paul, 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.
A trust can make as many or as few allowances as the person creating it wants. For instance, a trust could be set up which allows the beneficiary to spend the money on educational expenses, and nothing else.
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 South St. Paul, MN Trust
To formulate a legitimate trust in South St. Paul, 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.
Third, the trust needs to have a named beneficiary. The beneficiary is the individual who benefits from the trust.
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 South St. Paul, 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 complex. Therefore, you should probably seek the guidance of a South St. Paul, Minnesota attorney if you wish to set up a trust.