Drafting a Trust In Maumelle, Arkansas

Find the Right Lawyer Now

In Maumelle, 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 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.

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 authorizing 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 Maumelle, AR Trust

To implement a trust in Maumelle, Arkansas, 4 things are required. The first is purpose - the trust must be set up to serve some sort of objective, and it must be precisely stated in the document that creates the trust.

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, the trust needs to have a named beneficiary. The beneficiary is the individual who benefits from the trust.

Lastly, 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.

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

Can A Maumelle, Arkansas Trust Drafting Attorney Help?

While the elements of a valid trust are fairly 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 intricate. For that reason, a good Maumelle, Arkansas attorney experienced in estate planning and the drafting trusts may prove invaluable.

6 Wills, Trusts and Estates cases posted to LegalMatch lawyers in Maumelle

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.

General Practice Lawyer
LegalMatch General Practice Lawyer Timothy W.

Timothy W.

Pulaski, AR

General Practice

Rating (3 users) *****
See Reviews
Employment and Labor Law Lawyer
LegalMatch Employment and Labor Law Lawyer Joel C.

Joel C.

Pulaski, AR

Employment and Labor Law

Rating (19 users) *****
See Reviews
Family Law Lawyer
LegalMatch Family Law Lawyer George B.

George B.

Bay, FL

Family Law

Rating (9 users) ****
See Reviews
Employment and Labor Law Lawyer
LegalMatch Employment and Labor Law Lawyer Matthew H.

Matthew H.

Los Angeles West, CA

Employment and Labor Law

Rating (2 users) *****
See Reviews

Need a Lawyer?

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