Drafting a Trust In Longview, Texas

Find the right Drafting a Trust attorney in Longview, TX

In Longview, Texas, a trust is a setup under which property is possessed by one individual or entity, to be utilized for the benefit of another.

You might want to set up a trust for a wide number of reasons. It can be set up to guarantee that a child will have money for college, for instance, and that the child will only be able to use the money for that purpose.

A trust can be set up to authorize the beneficiary to access the money in it under any conditions the person making the trust wishes. For instance, the trust could be set up so the beneficiary can only use the money in it for education.

The trust can also be set up to authorize the beneficiary to spend as much of the money in it on anything they like. Of course, few people do this, because the trust isn't likely to last very long under such an arrangement, particularly if the beneficiary is a teenager or young adult.

What to Include in Any Longview, TX Trust

There are 4 things that have to be present in every trust for it to be legitimate in Longview, Texas. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it extremely clear when drafting the document.

Second, there must be a trustee. This is the individual who will administer the trust, and retain possession of the property or money that it contains, as well as being accountable for utilizing it to effectuate the trust's purpose.

The third element is a beneficiary. The beneficiary is a person or entity who the trust is constructed to benefit. Although a beneficiary has to be named, they don't really have to exist at the time the trust is written. For example, 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 have a corpus, or body. The "body" of the trust is the property that benefits the beneficiary, and that the trustee oversees. Obviously, there can be no trust without something being held in trust.

Can A Longview, Texas Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to remember, drafting a trust that is sure to be carried out according to the wishes of the person making it can still be complex. For that reason, a good Longview, Texas attorney experienced in estate planning and the drafting trusts may prove invaluable.

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

Life in Longview

Longview is located in both Gregg and Harrison Counties, in the state of Texas. It has a population of around 80,500 people. Surrounding highways include Interstate 20, U.S. Highway 80, and U.S. Highway 259. The beautiful Sabine River is quite near!

Most residents are employed by East Texas Oil Field, Kohl's, Starbucks, Target, and Wal-Mart. As evidence, the retail industry drives the economy. Some well-experienced lawyers who have wanted a break from the large firm scene have established small law offices in Longview. These attorneys are capable of handling any and every legal need.

Some famous poeple who have called Longview home include Rodney Carrington, Chris Davis, Evonne Hsu, Bill P. Keith, Malcolm Kelly, Linda Maxey, Mike Martin, Miranda Lambert, Ben Spies, James Street, Frank Steen and Bobby Taylor.

Overall, Longview is a great place to live or visit.

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