A trust in Louisville, 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.
A trust can make as many or as few allowances as the person creating it wants. For instance, a trust could be set up which allows the beneficiary to spend the money on educational expenses, and nothing else.
Because you, as the trustee, can decide the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, effectively letting them do whatever they want with the money, if that's what you want to do.
What to Include in Any Louisville, OH Trust
There are 4 distinct elements that must be present for any trust to be legitimate in Louisville, 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 Louisville, Ohio 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 confusing. Therefore, you should probably seek the advice of a Louisville, Ohio attorney if you wish to set up a trust.