Drafting a Trust In Delray Beach, Florida

Find the right Drafting a Trust attorney in Delray Beach, FL

In Delray Beach, Florida, a trust is an arrangement in which property is held by one person (the trustee) for the benefit of another (the beneficiary).

There are many reasons why a person might set up a trust. A well-managed trust, started with a substantial amount of money, can mature into a sizable college fund for a child. Moreover, if the trust is well-drafted, the beneficiary can be restricted in how they use the money, so they don't waste it.

If you want to set up a trust, you can make the beneficiary's use of the property as restricted or as permissive as you like. As a simple example, you might want to dictate that the beneficiary can only use the money for emergencies, or for basic living expenses. If the trust is carefully drafted, this is entirely feasible.

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 situation, the trust fund might not last very long, especially if the beneficiary is a younger person.

What to Include in Any Delray Beach, FL Trust

There are 4 distinct elements that must be present for any trust to be valid in Delray Beach, Florida. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be expressed.

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.

Third, there must be a named beneficiary. This is the person, persons, or entity who is truly 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.

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.

Can A Delray Beach, Florida 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 complicated. Therefore, you should probably seek the assistance of a Delray Beach, Florida attorney if you wish to set up a trust.

Talk to a Wills, Trusts & Estates Law Attorney now!

Life in Delray Beach

Delray Beach, Florida has a lot more to it than beautiful beaches and ocean side charm. Historically, this is an area known to be a favorite of Native American hunters, trappers, and slaves. Years later, in 2007, this area was labeled as the United State's "drug recovery capital" because it became the country's largest recovery communities As a result, the mayor passed an ordinance making it illegal to operate sober houses.

Who would ever have though such an interesting history was behind Delray Beach. Currently, Delray's economy is largely based on tourism. The city is filled with beautiful beaches, and popular events such as The Delray Affair, The Delray Garlic Fest, Delray Walk, and Art Jazz on the Avenue. Many of these events are filled with music, good food and drinks, and a wonderful, entertaining ambiance. Other popular attractions include the Roji-en Japanese Gardens, the American Orchid Society Visitor Center and Botanical Garden, Spady Museum, Downtown Delray Arts District, and Cason Cottage.

Delray Beach is also filled with many law offices. These offices are run by attorneys dedicated to providing excellent legal services, while serving their community with personalized service.

All in all, Delray Beach is a beautiful area to live in; an area with an interesting past and a promising future.

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