In New Brighton, Pennsylvania, a trust is a setup under which property is possessed by one person or entity, to be used 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.

If you are a trustee, you can permit the beneficiary to access the trust under any conditions you see fit (or make it unconditional, if you want). The point is that, if you make sure the trust agreement is well-constructed, you can help the beneficiary in any way you like, secure in the knowledge that they won't be able (or will find it extremely difficult) to spend it on things you don't approve of.

Of course, the trust could also be set up to permit the beneficiary unfettered access to the fund, or a specific 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 New Brighton, PA Trust

To set up a valid trust in New Brighton, Pennsylvania, 4 elements are required. First, the trust must have a stated purpose, and this purpose must be clearly laid out in the documents that establish the trust.

Second, every trust, to be valid, has to assign a trustee. This is the individual or other entity (such as a corporation) who oversees the property that embodies the trust. They possess and control the property, and are responsible for seeing that it is used according to the purpose of the trust.

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.

Finally, 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 New Brighton, 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 confusing. Therefore, it is advisable to contact a knowledgeable New Brighton, Pennsylvania attorney to help you set up a trust.