Drafting a Trust In Little Rock, Arkansas
In Little Rock, Arkansas, a trust is an arrangement in which property is held by one person (the trustee) for the benefit of another (the beneficiary).
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.
A trust can make as many or as few allowances as the person creating it wants. For example, a trust could be set up which authorizes 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 permitting the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a situation, the trust fund might not last very long, especially if the beneficiary is a younger person.
What to Include in Any Little Rock, AR Trust
To create a trust in Little Rock, Arkansas, 4 things are required. The first is purpose - the trust must be set up to serve some kind of objective, and it must be clearly stated in the document that creates the trust.
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.
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 instance, 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 include 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 valid, the corpus must be clearly identified.
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Can A Little Rock, 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 difficult. Therefore, it is advisable to contact a brilliant Little Rock, Arkansas attorney to help you set up a trust.
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Life in Little RockLittle Rock is the largest city in the State of Arkansas by any measurement. The City of Little Rock is the most important center of government in Arkansas and acts as the state capital and seat of Pulaski County Government. Today, Little Rock is home to over 700,000 residents who live in the city's 36 diverse neighborhoods.
There are a lot of outstanding museums in Little Rock like the Arkansas Arts Center, William J. Clinton Presidential Center, MacArthur Museum of Arkansas Military History, and the hands-on Arkansas Museum of Discovery to name a few. Little Rock's Arkansas Arboretum is one of the most outstanding examples of native and exotic plans around. The Arkansas Art Center offers a museum school in addition to attractions like Van Gogh and Rembrandt pieces. The global hunger, poverty, and relief organization Heifer International operate their world headquarters from Little Rock.
Some prominent corporations and companies like Dillard's Department Stores, Windstream Communications, Acxiom, Rose Law Firm, and Metropolitan National Bank have headquarters in Little Rock. A number of hospital and renown research facilities make home in town. The largest of those include Blue Cross and Blue Shield, Baptist Health Medical Center, University of Arkansas for Medical Sciences (UAMS), and the Arkansas Children's Hospital. Other businesses that have major installations in Little Rock are L'Oreal Paris, Timex, Entergy, Raytheon, Siemens, Kroger, Dassault Falcon Jet, and AT&T Mobility.
I suppose it wasn't too shocking for residents when the Brookings Institution ranked Little Rock as the 7th best economy in the United States. It was second best in growth. Don't think rapid expansion has taken a negative toll on Little Rock. It's as gorgeous as ever and even was awarded the title of 2nd cleanest city in America by Forbes Magazine.