Drafting a Trust In Tonawanda, New York

Find the right Drafting a Trust attorney in Tonawanda, NY

A trust in Tonawanda, New York is an arrangement under which property is possessed by one person, but used always for the benefit of, and legally owned by, another.

You might want to set up a trust for a wide variety of reasons. It can be set up to ensure that a child will have money for college, for example, and that the child will only be able to use the money for that purpose.

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 entirely feasible.

Of course, the trust could also be set up to permit the beneficiary unfettered access to the fund, or a specific 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 Tonawanda, NY Trust

To set up a valid trust in Tonawanda, 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, there must be a trustee. This is the person who will administer the trust, and retain possession of the property or money that it contains, as well as being responsible for using it to effectuate the trust's purpose.

Third, the trust needs to have a named beneficiary. The beneficiary is the person who benefits from the trust.

Fourth and finally, the trust must include 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 valid, the corpus must be clearly identified.

Can A Tonawanda, 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 difficult. Therefore, you should probably seek the help of a Tonawanda, New York attorney if you wish to set up a trust.

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

Life in Tonawanda

Tonawanda--the name means "confluent stream" and is located in Erie County, New York. It is located across the Erie Canal and north of Buffalo.

The city is known for celebrating "Canal Fest." This is an one week festival where Tonawanda's history is celebrated. The festival aims to promote history and business for the city.

Popular sites include Gateway Harbor, Isle View Park, Niawanda Park, and The Long Homestead.

The city is home to many attorneys who have established law offices. These attorneys focus on providing residents and local businesses with excellent legal services.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Regel B.
Regel B.

Wills, Trusts and Estates

Caldwell, LA

Brad M.
Brad M.

Wills, Trusts and Estates

Sussex, NJ

David L.
David L.

Wills, Trusts and Estates

Ashland, OH