In Pulaski County, 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.
Regardless of the purpose for which you're establishing a trust, you can be sure that the beneficiary will only be able to spend the trust fund in ways you approve of. This is because a trust document, at the time of drafting, can place any restrictions or allowances you want on the beneficiary's use of the money. Therefore, if you want them to only be able to spend it on education, for example, you can do that.
Of course, the trust could also be set up to authorize the beneficiary unfettered access to the fund, or a particular 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 Pulaski County, AR Trust
To create a trust in Pulaski County, 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, the trust needs a trustee. The trustee will have possession of the property or money that is being held in trust, and will be responsible 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 really benefiting from the trust. This person or entity must be clearly identified, or must be identifiable at some point in the future that can be objectively defined.
Finally, 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.
Can A Pulaski County, Arkansas Trust Drafting Attorney Help?
While the elements of a valid trust are relatively 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 complex. For that reason, a good Pulaski County, Arkansas attorney specializing in estate planning and the drafting trusts may prove invaluable.