Drafting a Trust In Winona, Minnesota

Find the right Drafting a Trust attorney in Winona, MN

A trust in Winona, 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.

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 Winona, MN Trust

To implement a trust in Winona, Minnesota, 4 things are required. The first is purpose - the trust must be set up to serve some sort of objective, and it must be precisely stated in the document that creates the trust.

Second, the trust must further name a trustee. The trustee is the person who is actually going to administer the trust, and has possession and control of the property while it is the subject of the trust.

Third, there must be a named beneficiary. This is the person, persons, or entity who is actually benefiting from the trust. This person or entity must be precisely identified, or must be identifiable at some point in the future that can be objectively defined.

Lastly, the trust needs to have a corpus, or body. The "body" of the trust is the property that benefits the beneficiary, and that the trustee oversees. Obviously, there can be no trust without something being held in trust.

Can A Winona, Minnesota Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to remember, drafting a trust that is sure to be carried out according to the wishes of the person making it can still be complicated. For that reason, a good Winona, Minnesota attorney experienced in estate planning and the drafting trusts may prove invaluable.

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

Life in Winona

The island city of Winona, Minnesota is located in the Mississippi River Bluffs and was founded in 1851 by a steamboat captain and has been quickly growing ever since. Sugar Loaf is the famous rock landmark easily seen from outside Winona.Thanks in large part to the lumber industry, Winona now boasts a population of 30,000 residents. Recognized as the stained glass capital of the United States, Winona's industries is an eclectic mix. Top Winona employers include: Fastenal, Winona Health, Winona State University and Wal-Mart. With so many businesses and industries it is of little surprise that there are so many great Winona lawyers skilled in any practice area that the city residents may need assistance with. Winona lawyers are some of the best in the business and enjoy working and living in the charming island city.

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