A trust in Brooklyn, Ohio is an arrangement under which property is possessed by one person, but used completely 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 totally feasible.
The trust can also be set up to allow the beneficiary to spend as much of the money in it on anything they like. Of course, few people do this, because the trust isn't likely to last very long under such an arrangement, particularly if the beneficiary is a teenager or young adult.
What to Include in Any Brooklyn, OH Trust
There are 4 distinct elements that must be present for any trust to be legitimate in Brooklyn, Ohio. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be articulated.
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.
Third, the trust needs to have a named beneficiary. The beneficiary is the individual 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. But, it must actually exist, and it must be identified.
Can A Brooklyn, Ohio 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 Brooklyn, Ohio attorney experienced in estate planning and the drafting trusts may prove invaluable.