Drafting a Trust In Clarksville, Tennessee

Find the right Drafting a Trust attorney in Clarksville, TN

In Clarksville, Tennessee, a trust is a setup under which property is possessed by one person or entity, to be used for the benefit of another.

Trusts can serve any number of purposes. They can be set up to ensure that the child has a college fund, or to see that the beneficiary's basic needs are met, without the money being spent on frivolities.

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 totally feasible.

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 Clarksville, TN Trust

To set up a valid trust in Clarksville, Tennessee, 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, every trust, to be valid, has to assign a trustee. This is the individual or other entity (such as a corporation) who oversees the property that embodies the trust. They possess and control the property, and are responsible for seeing that it is used according to the purpose 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 actually have any grandchildren yet.

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

Can A Clarksville, Tennessee 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 complex. For that reason, a Clarksville, Tennessee attorney specializing in estate planning can be invaluable.

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

Life in Clarksville

Clarksville, Tennessee is a city located in, and serving as the county seat of, Montgomery County. It has a population of over 132,000 people.

Clarksville was founded in 1785, making it the oldest incorporated city in Tennessee. However, human habitation of the area that now includes Clarksville, Tennessee dates back at least 11,000 years.

Modernly, Clarksville, Tennessee's economy is dominated by industry. Major industrial employers in Clarksville, Tennessee include American Standard, the Trane company (Clarksville's largest employer - a manufacturer of industrial ventilation equipment), and many others. In addition to employing a large number of blue-collar workers, these (and other) corporations also have many administrative employees, including accountants and Clarksville, Tennessee lawyers.

Because of the presence of large corporations, as well as a population of blue-collar workers, the lawyers of Clarksville, Tennessee are capable of handling a wide range of cases. So, if you need an attorney, chances are there's a lawyer in Clarksville, Tennessee who can help.

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