Drafting a Trust In Hialeah, Florida

Find the right Drafting a Trust attorney in Hialeah, FL

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

There are several reasons why a person might set up a trust. A well-managed trust, started with a substantial amount of money, can mature into a sizable college fund for a child. Moreover, if the trust is well-drafted, the beneficiary can be restricted in how they use the money, so they don't waste it.

If you want to set up a trust, you can make the beneficiary's use of the property as restricted or as permissive as you like. As a simple example, you might want to dictate that the beneficiary can only use the money for emergencies, or for basic living expenses. If the trust is carefully drafted, this is entirely feasible.

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 authorizing 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 Hialeah, FL Trust

To set up a valid trust in Hialeah, Florida, 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.

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

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 Hialeah, Florida Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to memorize, drafting a trust that is likely to be carried out according to your wishes can be fairly complicated. For that reason, a Hialeah, Florida attorney specializing in estate planning can be invaluable.

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

Life in Hialeah

Hialeah is a city in Miami-Dade County that is the sixth most populous in the State of Florida with 226,500 residents. Hialeah is incorporated into the Miami Metropolitan Area and is the most densely populated area in the United States without a skyscraper. The city pays host to some of the best shopping in Florida at the Westland Mall which is known to most locals as Westfield Westland and also features a number of popular eateries like Fuddrucker's, Chili's, Manchu Wok, and Edy's. Telmundo is also headquartered in Hialeah. So many businesses attract a number of experienced lawyers. Hialeah lawyers have experience with local courts and cases so they will often be best suited to advising cases in the area.  

Residents of Hialeah enjoy access to many great schools including elementary schools, middle schools, high schools, charter schools, private schools, community colleges, as well as private colleges and universities. The Hialeah Park Race Track offers slot machines and quarter horse races. There are also 3 tennis courts, 5 pools, lots of public parks, and a 10,000 seat football stadium. Hialeah offers a great location, amenities, and schools making it one of the most popular places in Florida to live. 

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