Drafting a Trust In Puyallup, Washington

Find the right Drafting a Trust attorney in Puyallup, WA

In Puyallup, Washington, a trust is a particular method of managing property for the benefit of another person. A trustee is able to possess and, to some extent, control the property. However, the property is owned by the beneficiary, the person for whose benefit the property is being used.

Trusts serve a number of purposes. For example, they can be set up to ensure that the beneficiary (say, a child) will consistently have enough money to live off of, but will be unable to spend it all on frivolities.

A trust can make as many or as few allowances as the person creating it wants. For example, a trust could be set up which authorizes the beneficiary to spend the money on educational expenses, and nothing else.

If you want, you could establish a trust with no restrictions on how much money the trustee can spend from the trust, and let the beneficiary spend all the money on whatever they'd like. If this is what you want to do, that's fine- but if the beneficiary is a young adult with spendthrift habits, you obviously might want to take into consideration the fact that they could easily spend all the money on some pretty frivolous stuff.

What to Include in Any Puyallup, WA Trust

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

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 element is a beneficiary. The beneficiary is a person or entity who the trust is constructed to benefit. Although a beneficiary has to be named, they don't really have to exist at the time the trust is written. For instance, if a person sets up a trust to benefit his or her grandchildren, and doesn't yet have any, the trust is valid. If and when their grandchildren are born, the rights that the trust creates will vest in them immediately.

Fourth and finally, the trust must include what is known as the "corpus" or "body." The corpus is the money and/or property which is being held in trust. For a trust to be valid, the corpus must be clearly identified.

Can A Puyallup, Washington 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 help of a Puyallup, Washington attorney if you wish to set up a trust.

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

Life in Puyallup

Puyallup is a popular suburb just 5 miles east of Tacoma. The population of Puyallup has been on the steady rise and has reached 40,000. The name of the town comes from a local Native American tribe and means "generous." One reason for the name could be the fertile soil. Each year the locally grown daffodils, which are shipped world wide, are featured in the town's annual spring parade as well as the Daffodil Parade. The Daffodil Parade takes place in Tacoma, Puyallup, Orting, and Sumner each year and feature floats, local marching bands, veteran groups, and other clubs. The Puyallup Fair is the biggest annual state fair in Washington and one of the 10 largest in the country. It attracts over 1 million people every year. For the two weeks in September each year, local businesses "do the Puyallup" and show off their best products to all of the visitors.

If you visit the Puyallup Fair at the Puyallup Fairgrounds you may notice the historical information on the grounds' interesting past. It was once used as a World War II internment camp for United States citizens or those of Japanese descent and was called "Camp Harmony." The Antique District is obviously known for its wide selection of antique shops that run along the Meridian Street. It's near the near the Arts Downtown Outdoor Gallery that rotates a selection of artwork appropriate for outdoor installation. Most regular shopping, like back to school, is done at the South Hill Mall that features a number of retail stores like JCPenny, Sears, Target, and Macy's. Puyallup is a booming city that is home to local lawyers. Puyallup lawyers know local courts and procedures so they can help you today.

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