In Wauwatosa, 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.

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.

Of course, the trust could also be set up to allow the beneficiary unfettered access to the fund, or a certain amount of money could be released from the fund to the beneficiary each month, for the beneficiary to use as he or she sees fit.

What to Include in Any Wauwatosa, WI Trust

There are 4 things that have to be present in every trust for it to be valid in Wauwatosa, Wisconsin. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it very 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 designed to benefit. Although a beneficiary has to be named, they don't actually 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.

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 Wauwatosa, Wisconsin 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 Wauwatosa, Wisconsin attorney to help you set up a trust.