Drafting a Trust In Bentonville, Arkansas

Find the Right Lawyer Now

In Bentonville, Arkansas, 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 common reasons is to ensure that a person always 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 allows 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 allows the beneficiary to spend the money on educational expenses, and nothing else.

If you want, you could implement a trust with no restrictions on how much money the trustee can spend from the trust, and let the beneficiary spend all the money on whatever they'd like. If this is what you want to do, that's fine- but if the beneficiary is a young adult with spendthrift habits, you obviously might want to take into consideration the fact that they could quickly spend all the money on some pretty frivolous stuff.

What to Include in Any Bentonville, AR Trust

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

Second, the trust needs a trustee. The trustee will have possession of the property or money that is being held in trust, and will be accountable for putting it to the use that the creator of the trust intended.

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

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.

Find a Bentonville Lawyer that Specializes in Your Area of Need:

Can A Bentonville, Arkansas Trust Drafting Attorney Help?

While it's fairly easy to list off the basic requirements for a valid trust, actually creating and implementing one can be fairly difficult. Therefore, you should probably seek the advice of a Bentonville, Arkansas attorney if you wish to set up a trust.

7 Wills, Trusts and Estates cases posted to LegalMatch lawyers in Bentonville

Drafting a Trust Attorneys in the Largest AR Cities

Show Arkansas Cities

Drafting a Trust Lawyers in Other Arkansas Cities and Towns


Find the Right Lawyer Now

Top Rated Lawyers

View attorney profiles and see how other LegalMatch users rate attorneys that may respond to your case.

Employment and Labor Law Lawyer
LegalMatch Employment and Labor Law Lawyer Joel C.

Joel C.

Benton, AR

Employment and Labor Law

Rating (19 users) *****
See Reviews
General Practice Lawyer
LegalMatch General Practice Lawyer Timothy W.

Timothy W.

Benton, AR

General Practice

Rating (3 users) *****
See Reviews
Personal Injury Lawyer
LegalMatch Personal Injury Lawyer Benson G.

Benson G.

Northumberland, PA

Personal Injury

Rating (4 users) ****
See Reviews
General Practice Lawyer
LegalMatch General Practice Lawyer David M.

David M.

Iberville, LA

General Practice

Rating (1 users) *****
See Reviews

Need a Lawyer?

No obligation - Lawyers compete for your case. Choose your issue & get started now: