Drafting a Trust In La Crosse, Wisconsin

Find the right Drafting a Trust attorney in La Crosse, WI

In La Crosse, Wisconsin, a trust is a specific 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.

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.

A trust can be set up to permit the beneficiary to access the money in it under any conditions the person making the trust wishes. For example, 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 permit 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 La Crosse, WI Trust

To establish a trust in La Crosse, Wisconsin, 4 things are required. The first is purpose - the trust must be set up to serve some kind of objective, and it must be clearly stated in the document that creates the trust.

Second, the trust must also name a trustee. The trustee is the person who is truly going to administer the trust, and has possession and control of the property while it is the subject of the trust.

The third element is a beneficiary. The beneficiary is a person or entity who the trust is created to benefit. Although a beneficiary has to be named, they don't truly 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.

Finally, and perhaps most vitally, the trust requires a "body." The body of a trust is the thing (typically, but not always, money) that is directly being held in trust, and therefore overseen by the trustee, and used to help the beneficiary.

Can A La Crosse, Wisconsin Trust Drafting Attorney Help?

While the elements of a valid trust are relatively 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 intricate. For that reason, a good La Crosse, Wisconsin attorney specializing in estate planning and the drafting trusts may prove invaluable.

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

Life in La Crosse

La Crosse is located in La Crosse County, Wisconsin. The city is home to around 52,500 people and lies alongside the beautiful Mississippi River! It is known as a college town because it is home to University of Wisconsin-La Crosse, Viterbo University and Western Technical College.

Top employers include the university system, Gunderson Lutheran Medical Center, Franciscan Skemp Medical Center, Trane Corporation, Kwik Trip, CenturyLink, and Wal-Mart. There are also small law offices with excellent, actively-practicing attorneys to support the legal needs of local businesses and residents.

Famous residents include David Ackert, John Ake, George Dahlgren, Alexa Demara, Charles Dierkop, Minnie Dupree, Paul Fitzke, Don Iverson, Scott Servais, Jarrod Washburn, and George Williams.

Overall, La Cross is a gorgeous city with a wonderful quality of life. Visitors leave with a smile and residents are proud to call it home.

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