A trust in Norwich, New York is an arrangement under which property is possessed by one person, but used entirely for the benefit of, and legally owned by, another.
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 be set up to permit the beneficiary to access the money in it under any conditions the person making the trust wishes. For instance, the trust could be set up so the beneficiary can only use the money in it for education.
If you want, you could implement a trust with no restrictions on how much money the trustee can spend from the trust, and let the beneficiary spend all the money on whatever they'd like. If this is what you want to do, that's fine- but if the beneficiary is a young adult with spendthrift habits, you obviously might want to take into consideration the fact that they could quickly spend all the money on some pretty frivolous stuff.
What to Include in Any Norwich, NY Trust
To set up a legitimate trust in Norwich, New York, 4 elements are necessary. First, the trust must have a stated purpose, and this purpose must be precisely laid out in the documents that implement the trust.
Second, every trust, to be valid, has to assign a trustee. This is the individual or other entity (such as a corporation) who oversees the property that embodies the trust. They possess and control the property, and are accountable for seeing that it is utilized according to the purpose of the trust.
Third, the trust further has to name a beneficiary. This is the individual or entity (such as a charitable organization) who is going to benefit from the trust.
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 Norwich, New York Trust Drafting Attorney Help?
While its' easy to list the basic elements that need to be present for a trust to be valid, the actual process of setting up a trust can be a little confusing. For that reason, seeking the counsel of a reliable Norwich, New York attorney to help you set up a trust is probably a good idea.