In Flagler 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 several 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. Additionally, 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 completely 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 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 Flagler Beach, FL Trust
To establish a trust in Flagler Beach, Florida, 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 must also name a trustee. The trustee is the person who is really going to administer the trust, and has possession and control of the property while it is the subject of the trust.
Third, the trust needs to have a named beneficiary. The beneficiary is the person who benefits from the trust.
Fourth and finally, there must be some money or property which is really going to be held in the trust. This property is referred to as the "corpus" (body) of the trust, and can be just about anything. However, it must really exist, and it must be identified.
Can A Flagler Beach, Florida 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 Flagler Beach, Florida attorney specializing in estate planning and the drafting trusts may prove invaluable.