A trust in Pickerington, 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 authorizes the beneficiary to spend the money on educational expenses, and nothing else.

If you want, you could create 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 easily spend all the money on some pretty frivolous stuff.

What to Include in Any Pickerington, OH Trust

There are 4 things that have to be present in every trust for it to be valid in Pickerington, Ohio. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it extremely clear when drafting the document.

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 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.

Lastly, the trust needs to really be composed of something. A trust document must name the money or property which is really being held in trust, which is recognized as the "corpus" or "body" of the trust.

Can A Pickerington, Ohio Trust Drafting Attorney Help?

While its' easy to list the basic elements that need to be present for a trust to be valid, the actual process of setting up a trust can be a little convoluted. For that reason, seeking the counsel of a brilliant Pickerington, Ohio attorney to help you set up a trust is probably a good idea.