Drafting a Trust In Pottstown, Pennsylvania

Find the right Drafting a Trust attorney in Pottstown, PA

In Pottstown, 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 common reasons is to ensure that a person always 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 allows the beneficiary to access a limited portion of the money per week, or per month.

If you are a trustee, you can allow 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 very challenging) to spend it on things you don't approve of.

The trust can also be set up to allow 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 Pottstown, PA Trust

There are 4 distinct elements that must be present for any trust to be legitimate in Pottstown, Pennsylvania. 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 Pottstown, Pennsylvania 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 complicated. Therefore, you should probably seek the guidance of a Pottstown, Pennsylvania attorney if you wish to set up a trust.

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Life in Pottstown

Pottstown is a Montgomery County, Pennsylvania borough that is located just 40 miles from Philadelphia and 20 miles from Reading. The area was planned in 1752 and named for the founder, John Potts. Originally dubbed Pottsgrove, the boundaries of Pottstown were extended and it was renamed. Today, Pottstown is the epicenter of one of the most productive farming and dairy regions in the State of Pennsylvania. Pottstown was once interested in iron and steel mills, machine shops, and other manufacturing plants of textiles and goods such as bricks, hosiery, silks, shirts, nails, and furnaces. The borough rests on a total of 4.9 square miles but plays host to 21,900 residents. Pottstown is governed in a city manager form with a mayor and seven-member borough council. The residents are reasonably diverse both ethnically and economically. Most households utilize the transportation and education systems offered by Pottstown, Montgomery County, and Pennsylvania.

Pottstown Area Rapid Transit Inc. offers low cost public transportation throughout Pottstown and surrounding communities. Pottstown also offers two small airports and a passenger rail service called SEPTA. There's lots of options when it comes to schools in Pottstown. Pottstown residents, depending on where they live, are sent to the Pottstown School District, Pottsgrove School District, and Owen J. Roberts School District. There are also nine private institutions, both grammar school and high school, serving the area too. The Montgomery County Community college is the only institution of higher learning. A number of lawyers also live in Pottstown Borough. Pottstown lawyers can help you navigate any legal questions you may have and are well acquainted with the local court systems and procedures.

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