A trust in East Cleveland, Ohio 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 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.
A trust can make as many or as few allowances as the person creating it wants. For example, a trust could be set up which allows the beneficiary to spend the money on educational expenses, and nothing else.
Of course, the trust could also be set up to allow the beneficiary unfettered access to the fund, or a certain 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 East Cleveland, OH Trust
There are 4 things that have to be present in every trust for it to be valid in East Cleveland, Ohio. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it very clear when drafting the document.
The second required element is a trustee. The trustee's job is to supervise and manage the money that makes up the trust. They are also required to take reasonable efforts to ensure that the money is only used for the purpose of the original trust agreement.
Third, the trust also has to name a beneficiary. This is the person or entity (such as a charitable organization) who is going to benefit 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 East Cleveland, Ohio 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 complex. Therefore, it is advisable to contact a good East Cleveland, Ohio attorney to help you set up a trust.