Drafting a Trust In White Plains, New York

Find the right Drafting a Trust attorney in White Plains, NY

A trust in White Plains, 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 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.

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 instance, you might want to dictate that the beneficiary can only use the money for emergencies, or for general living expenses. If the trust is thoroughly drafted, this is entirely feasible.

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 White Plains, NY Trust

There are 4 distinct elements that must be present for any trust to be legitimate in White Plains, New York. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be expressed.

Second, there must be a trustee. This is the individual who will administer the trust, and retain possession of the property or money that it contains, as well as being accountable for utilizing it to effectuate the trust's purpose.

The third element is a beneficiary. The beneficiary is a person or entity who the trust is created to benefit. Although a beneficiary has to be named, they don't truly have to exist at the time the trust is written. For example, if a person sets up a trust to benefit his or her grandchildren, and doesn't yet have any, the trust is valid. If and when their grandchildren are born, the rights that the trust creates will vest in them immediately.

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 White Plains, New York Trust Drafting Attorney Help?

While it's not difficult to understand the basic requirements of a trust, actually creating a trust can be a bit more complicated. Therefore, it is advisable to contact a reliable White Plains, New York attorney to help you set up a trust.

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

Life in White Plains

White Plains is located in Westchester County, New York. It is an affluent county that is home to around one million people. It is just north of New York City. Surrounding areas include the Hudson River, Harrison, Long Island Sound, Scarsdale, and Greenburgh. Per the 2010 census, White Plains itself has a population of 56,853 people.

Top employers include the Starwood Hotels, ITT, Bunge, Combe, Alliance Bernstein, Dannon, Krasdale Foods, Nine West, Vimeo, Acadia Realty Trust, AboveNet, Heineken, and Nokia. Naturally, to support all these corporations, White Plains is home to excellent and qualified attorneys who are there to serve the legal needs of residents and businesses.

Popular sites include the White Plains Armory, the Percy Grainger Home, and the Jacob Purdy House.

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