Drafting a Trust In Charleston, West Virginia

Find the right Drafting a Trust attorney in Charleston, WV

In Charleston, West Virginia, a trust is a particular 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 frequent reasons is to ensure that a person consistently 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 authorizes the beneficiary to access a limited portion of the money per week, or per month.

If you are a trustee, you can authorize 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.

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, especially if the beneficiary is a teenager or young adult.

What to Include in Any Charleston, WV Trust

There are 4 distinct elements that must be present for any trust to be valid in Charleston, West Virginia. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be stated.

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.

Third, there must be a named beneficiary. This is the person, persons, or entity who is really benefiting from the trust. This person or entity must be clearly identified, or must be identifiable at some point in the future that can be objectively defined.

Finally, 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 Charleston, West Virginia Trust Drafting Attorney Help?

While the elements of a valid trust are relatively 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 Charleston, West Virginia attorney specializing in estate planning and the drafting trusts may prove invaluable.

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

Life in Charleston

Charleston is the capital of West Virginia. Per the 2010 census, it has a population of 51,400 people. Surrounding areas include the rest of Kanawha County, Elk River, and Kanawha River.

Top employers include Appalachian Power, Mountaineer Gas Company, Charleston Stamping and Manufacturing, MATRIC, NiSource Gas Transmission Storage, Walker Machinery, West Virginia-American Water Company, and Frontier Communication. To support such large corporations, the legal force in Charleston is well-equipped with many attorneys who are familiar with business law. Further, the legal force is also capable of handling the needs of local residents.

Famous past residents include Jean Carson, Conchata Ferrell, Allison Hayes, Ann Magnuson, Randy Moss, Leslie Nielsen, Jerry West, Jason Williams, and Booker T. Washington.

When next in Charleston, be sure to check out popular attractions such as the Avampato Discovery Museum, Sunrise Museum, the Capitol Theater, South Charleston Museum, Appalachian Power Park, Danner Meadow Park, Coonskin Park, Ruffner Park and Shawnee Park.

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