A trust in Bohemia, New York is an arrangement under which property is possessed by one person, but used exclusively for the benefit of, and legally owned by, another.
There are several reasons why a person might set up a trust. A well-managed trust, started with a substantial amount of money, can mature into a sizable college fund for a child. Furthermore, if the trust is well-drafted, the beneficiary can be restricted in how they use the money, so they don't waste it.
If you want to set up a trust, you can make the beneficiary's use of the property as restricted or as permissive as you like. As a simple example, you might want to dictate that the beneficiary can only use the money for emergencies, or for basic living expenses. If the trust is carefully drafted, this is totally feasible.
A trust could, of course, be much more permissive, if the creator of the trust wants it to be. You could set up a trust allowing the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a situation, the trust fund might not last very long, especially if the beneficiary is a younger person.
What to Include in Any Bohemia, NY Trust
To set up a valid trust in Bohemia, New York, 4 elements are required. First, the trust must have a stated purpose, and this purpose must be clearly laid out in the documents that establish the trust.
Second, the trust must also 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, the trust needs to have a named beneficiary. The beneficiary is the person who benefits from the trust.
Fourth and finally, there must be some money or property which is actually 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. However, it must actually exist, and it must be identified.
Can A Bohemia, New York 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 help of a Bohemia, New York attorney if you wish to set up a trust.