Drafting a Trust In Logan, Utah

Find the right Drafting a Trust attorney in Logan, UT

In Logan, Utah, a trust is a setup under which property is possessed by one person or entity, to be used for the benefit of 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.

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 extremely difficult) 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, especially if the beneficiary is a teenager or young adult.

What to Include in Any Logan, UT Trust

There are 4 distinct elements that must be present for any trust to be valid in Logan, Utah. 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 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.

The third required element to make a valid trust is the beneficiary or beneficiaries. Because a trust, by definition, is set up to benefit someone or something, that entity must be identified in the trust. However, if the person(s) meant to benefit from the trust do not yet exist, they can still be valid beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For example, you could set up a trust to benefit your grandchildren, even if you don't actually have any grandchildren yet.

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

Can A Logan, Utah 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 complex. Therefore, it is advisable to contact a good Logan, Utah attorney to help you set up a trust.

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

Life in Logan

Logan, Utah is a city located in Cache County. It currently has a population of around 49,000 people. Logan is the county seat of Cache County, Utah.

Logan was founded in 1859 by Mormon settlers who were sent tot he area by Brigham Young, to survey the area and assess its suitability for the construction of a fort. Logan was officially incorporated in 1866. Shortly thereafter, the Mormon settlers worked to establish a community, building a temple, and otherstructures they viewed as necessary.Logan, Utah grew from those humble origins.

Modernly, the Logan metropolitan area is ranked as one of the safest metropolitan areas in the country.

Logan, Utah currently has a highly diversified economy, which attracts professionals from many different disciplines. It is home to the main campus of Utah State University, which is a major driver of the city's economy. Logan is also home to several companies in the high-tech, manufacturing, and healthcare industries, which also help create an economic base.

As a result of its diversity and growth, the legal community in Logan, Utah is also very diverse and extensive. If you are facing any legal problem, chances are good that a Logan, Utah attorney can help.

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