Drafting a Trust In Heber Springs, Arkansas

Find the Right Lawyer Now

In Heber Springs, 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.

A trust could, of course, be much more permissive, if the creator of the trust wants it to be. You could set up a trust allowing the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a case, the trust fund might not last very long, particularly if the beneficiary is a younger person.

What to Include in Any Heber Springs, AR Trust

There are 4 things that have to be present in every trust for it to be legitimate in Heber Springs, 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.

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 designed to benefit. Although a beneficiary has to be named, they don't actually 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.

Find a Heber Springs Lawyer that Specializes in Your Area of Need:

Can A Heber Springs, Arkansas 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 perplexing. Therefore, it is advisable to contact a reputable Heber Springs, Arkansas attorney to help you set up a trust.

2 Wills, Trusts and Estates cases posted to LegalMatch lawyers in Heber Springs

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.

Cleburne, AR

Employment and Labor Law

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

Timothy W.

Cleburne, AR

General Practice

Rating (3 users) *****
See Reviews
Family Law Lawyer
LegalMatch Family Law Lawyer Debra P.

Debra P.

Bexar, TX

Family Law

Rating (2 users) *****
See Reviews
Real Estate, Housing & Property Law Lawyer
LegalMatch Real Estate, Housing & Property Law Lawyer George D.

George D.

Oakland, MI

Real Estate, Housing & Property Law

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

Need a Lawyer?

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