Drafting a Trust In Janesville, Wisconsin

Find the right Drafting a Trust attorney in Janesville, WI

In Janesville, Wisconsin, 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. Nonetheless, the property is owned by the beneficiary, the person for whose benefit the property is being used.

A trust can be set up for just about any reason. One of the most frequent reasons is to ensure that a person consistently 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 authorizes the beneficiary to access a limited portion of the money per week, or per month.

A trust can be set up to authorize 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.

The trust can also be set up to authorize 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 Janesville, WI Trust

There are 4 things that have to be present in every trust for it to be legitimate in Janesville, Wisconsin. 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 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.

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. Nonetheless, if the person(s) meant to benefit from the trust do not yet exist, they can still be legitimate beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For instance, you could set up a trust to benefit your grandchildren, even if you don't really have any grandchildren yet.

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

Can A Janesville, Wisconsin Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to remember, drafting a trust that is sure to be carried out according to the wishes of the person making it can still be complex. For that reason, a good Janesville, Wisconsin attorney experienced in estate planning and the drafting trusts may prove invaluable.

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

Life in Janesville

With a population of 61,310 Janesville, Wisconsin has it all. Janesville is located in South Central Wisconsin and was founded in 1835. Since its founding, the charming city has done nothing but grow and prosper. Janesville was named after an early settler to the town -- Henry James.

Janesville was the site of the first Wisconsin State Fair in 1851, an event that over 10,000 people attended. It is no wonder then that so many people enjoy visiting and living in Janesville. Janesville is also home to lots of historical homes, in fact 20% of the nationally registered historic homes in Wisconsin are in Janesville. Aptly named "City of Parks," Janesville has an extensive park system that includes nature trails, boat lakes, and 53 parks in total.

Janesville is also home to some interesting legal history. Janesville lawyers are some of the best in the business and Janesville is also home to Wisconsin's first female lawyer --Lavinia Goddell in 1874. In addition to lawyers, there are lots of other great business and industry which make the city a great place to start a career.

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