Drafting a Trust In Stevens Point, Wisconsin

Find the right Drafting a Trust attorney in Stevens Point, WI

In Stevens Point, Wisconsin, a trust is a certain 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 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.

A trust can be set up to allow 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.

A trust could, of course, be much more permissive, if the creator of the trust wants it to be. You could set up a trust allowing the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a situation, the trust fund might not last very long, especially if the beneficiary is a younger person.

What to Include in Any Stevens Point, WI Trust

To set up a valid trust in Stevens Point, Wisconsin, 4 elements are required. First, the trust must have a stated purpose, and this purpose must be clearly laid out in the documents that establish the trust.

The second required element is a trustee. The trustee's job is to supervise and manage the money that makes up the trust. They are also required to take reasonable efforts to ensure that the money is only used for the purpose of the original trust agreement.

Third, there must be a named beneficiary. This is the person, persons, or entity who is actually benefiting from the trust. This person or entity must be clearly identified, or must be identifiable at some point in the future that can be objectively defined.

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 Stevens Point, Wisconsin Trust Drafting Attorney Help?

While its' easy to list the basic elements that need to be present for a trust to be valid, the actual process of setting up a trust can be a little complicated. For that reason, seeking the counsel of a good Stevens Point, Wisconsin attorney to help you set up a trust is probably a good idea.

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

Life in Stevens Point

Stevens Point is the largest city in the county of Portage County, Wisconsin. As the county seat, it has a population of about 25,000 and was incorporated in 1858. The city was named after its founder, George Stevens. Stevens was a supply trade businessman whose store served the numerous loggers in the area.

Geographically, Stevens Point is located in the center of Wisconsin. This makes it an ideal city for both business and residential endeavors. Several large corporations have their headquarters in the city, including the Donaldson Company, Associated Bank, and AIG Travel Guard. Also, the University of Wisconsin- Stevens Point, and Mid-State Technical College are located in the city.

Residents of Stevens Point typically enjoy a wide mix of activities, with a multitude of city services being offered in sports and the arts. Retail and entertainment also form a large part of the city's economy. Festivities include the Portage County Cultural Festival and a Fourth of July Riverfront Rendezvous. A little bit of trivia: the world's largest trivia contest is held every April in Stevens Point, and lasts over 50 hours straight.

Lawyers in Stevens Point, Wisconsin usually file their claims with one of the Wisconsin Municipal Courts, or at the Portage County Circuit Court. Regardless of the type of legal issues, Stevens Point lawyers offer services to address your specific concerns.

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