In Lansdale, Pennsylvania, a trust is a setup under which property is possessed by one individual or entity, to be utilized for the benefit of another.

A trust can be set up for just about any reason. One of the most frequent reasons is to ensure that a person consistently has enough money to avoid going broke, but not enough that they can avoid getting a job, or spend all of the money on things they don't need. This can be accomplished by drafting a trust agreement so that only authorizes the beneficiary to access a limited portion of the money per week, or per month.

A trust can be set up to authorize the beneficiary to access the money in it under any conditions the person making the trust wishes. For instance, the trust could be set up so the beneficiary can only use the money in it for education.

The trust can also be set up to authorize 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 Lansdale, PA Trust

To formulate a legitimate trust in Lansdale, Pennsylvania, 4 elements must be present. The first element is purpose - the property being held in trust must be there for a reason. Your trust can serve just about any lawful purpose you can think of.

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 guarantee that the money is only utilized for the purpose of the original trust agreement.

Third, the trust further has to name a beneficiary. This is the individual or entity (such as a charitable organization) who is going to benefit from the trust.

Finally, 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 Lansdale, Pennsylvania 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 intricate. Therefore, it is advisable to contact a seasoned Lansdale, Pennsylvania attorney to help you set up a trust.