Drafting a Trust In Levittown, Pennsylvania

Find the right Drafting a Trust attorney in Levittown, PA

In Levittown, 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 prevalent reasons is to ensure that a person perpetually 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 permits the beneficiary to access a limited portion of the money per week, or per month.

A trust can be set up to permit 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.

A trust could, of course, be much more permissive, if the creator of the trust wants it to be. You could set up a trust authorizing the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a case, the trust fund might not last very long, particularly if the beneficiary is a younger person.

What to Include in Any Levittown, PA Trust

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

Second, the trust must further name a trustee. The trustee is the person who is truly going to administer the trust, and has possession and control of the property while it is the subject of the trust.

Third, there must be a named beneficiary. This is the person, persons, or entity who is truly benefiting from the trust. This person or entity must be precisely identified, or must be identifiable at some point in the future that can be objectively defined.

Lastly, the trust needs to have a corpus, or body. The "body" of the trust is the property that benefits the beneficiary, and that the trustee oversees. Obviously, there can be no trust without something being held in trust.

Can A Levittown, Pennsylvania 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 confusing. For that reason, seeking the counsel of a reliable Levittown, Pennsylvania attorney to help you set up a trust is probably a good idea.

Talk to a Wills, Trusts & Estates Law Attorney now!

Life in Levittown

Levittown is a well-planned city that is a part of Bucks County in Pennsylvania. It has a population of 52,983 people per the 2010 census. Some know it as the largest suburb in the state.

The city is famous for playing host to the Bucks County St. Patrick's Day Parade. The parade starts from St. Joseph the Worker Church and proceeds two miles to Conwell-Egan Catholic High School. The parade has been an annual tradition of the city since 1988.

Many attorneys call Levittown home and practice law with passion and dedication to providing excellent legal services. These attorneys and their attitude towards the legal field is the reason why residents and local businesses have no issues having their legal matters taken care of.

The city has also been home to many famous people include Earl Williams, Troy Vincent, Steve Slaton, Bill O'Neil, Eric Goldberg, Jim Cawley, Susan Barnett, and Keith Armstrong.

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