Drafting a Trust In Greenville, Alabama

Find the Right Lawyer Now

In Greenville, Alabama, a trust is an arrangement in which property is held by one person (the trustee) for the benefit of another (the beneficiary).

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.

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 Greenville, AL Trust

There are 4 things that have to be present in every trust for it to be valid in Greenville, Alabama. 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.

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, the trust also has to name a beneficiary. This is the person or entity (such as a charitable organization) who is going to benefit from the trust.

Fourth and finally, there must be some money or property which is actually going to be held in the trust. This property is referred to as the "corpus" (body) of the trust, and can be just about anything. However, it must actually exist, and it must be identified.

Find a Greenville Lawyer that Specializes in Your Area of Need:

Can A Greenville, Alabama 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 Greenville, Alabama attorney to help you set up a trust.

3 Wills, Trusts and Estates cases posted to LegalMatch lawyers in Greenville

Drafting a Trust Attorneys in the Largest AL Cities

Show Alabama Cities

Drafting a Trust Lawyers in Other Alabama Cities and Towns


Find the Right Lawyer Now

Top Rated Lawyers

View attorney profiles and see how other LegalMatch users rate attorneys that may respond to your case.

Wills, Trusts and Estates Lawyer
LegalMatch Wills, Trusts and Estates Lawyer Ayn T.

Ayn T.

SHELBY, AL

Wills, Trusts and Estates

Rating (1 users) *****
See Reviews
General Practice Lawyer
LegalMatch General Practice Lawyer Jesse H.

Jesse H.

BUTLER, AL

General Practice

Rating (4 users) *****
See Reviews
Family Law Lawyer
LegalMatch Family Law Lawyer Scott J.

Scott J.

SHELBY, AL

Family Law

Rating (4 users) *****
See Reviews
Wills, Trusts and Estates Lawyer
LegalMatch Wills, Trusts and Estates Lawyer Deward H.

Deward H.

SAN DIEGO, CA

Wills, Trusts and Estates

Rating (1 users) *****
See Reviews

Need a Lawyer?

No obligation - Lawyers compete for your case. Choose your issue & get started now: