Drafting a Trust In Mobile, Alabama
In Mobile, Alabama, a trust is an arrangement in which property is held by one individual (the trustee) for the benefit of another (the beneficiary).
A trust can be set up for just about any reason. One of the most prevalent reasons is to ensure that a person perpetually 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 permits the beneficiary to access a limited portion of the money per week, or per month.
A trust can make as many or as few allowances as the person creating it wants. For instance, a trust could be set up which permits the beneficiary to spend the money on educational expenses, and nothing else.
Of course, the trust could also be set up to permit the beneficiary unfettered access to the fund, or a specific 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 Mobile, AL Trust
There are 4 things that have to be present in every trust for it to be legitimate in Mobile, Alabama. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it quite 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 guarantee that the money is only utilized for the purpose of the original trust agreement.
The third element is a beneficiary. The beneficiary is a person or entity who the trust is created to benefit. Although a beneficiary has to be named, they don't truly 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.
Fourth and finally, the trust must contain what is known as the "corpus" or "body." The corpus is the money and/or property which is being held in trust. For a trust to be legitimate, the corpus must be precisely identified.
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Can A Mobile, 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 complicated. Therefore, it is advisable to contact a reliable Mobile, Alabama attorney to help you set up a trust.
Drafting a Trust Attorneys in the Largest AL Cities
Life in MobileMobile is unsurprisingly the seat of Mobile County. You may not know, however, that Mobile is the largest municipality on the Gulf Coast between New Orleans and St. Petersburg, Florida. In fact, over 400,000 residents live in Mobile, which was the first state capital of Louisiana. Mobile is also famous for being a Gulf Coast cultural hub. the city boasts the oldest organized celebrations like Carnival and Mardi Gras.
Tourism plays a major role in the Mobile economy. At Battleship Memorial park you can tour the USS Alabama battleship from WWII and Korean War submarine the USS Drum. The Mobile Carnival Museum offers Mardi Gras history and memorabilia like floats and costumes. A number of historic antebellum house museums like the Bragg-Mitchell Mansion from 1855 can be found in Mobile as well. A few of the other exciting attractions to which tourists flock consist of the Gulf Coast Exploratoreum, Dauphin Island Sea Lab, and Mobile Botanical Gardens that earn the city's nickname the "Azalea City."
Mobile is known nationally as a hub for business. Mobile industries include steel fabrication and building, aerospace, retail, medicine, manufacturing and transportation. The Alabama State Docks recently underwent a $300 million expansion project that provided new jobs. Additionally, Mobile's Austal USA shipbuilding company will be trusted with constructing U.S. Forces vessels after winning another multi-billion dollar defense contract with the United States Government in late 2010.