Drafting a Trust In Gainesville, Florida

Find the right Drafting a Trust attorney in Gainesville, FL

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

There are various 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 instance, you might want to dictate that the beneficiary can only use the money for emergencies, or for general living expenses. If the trust is thoroughly 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 case, the trust fund might not last very long, particularly if the beneficiary is a younger person.

What to Include in Any Gainesville, FL Trust

To formulate a trust in Gainesville, Florida, 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, 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 accountable for seeing that it is utilized according to the purpose of the trust.

Third, the trust further has to name a beneficiary. This is the individual or entity (such as a charitable organization) who is going to benefit 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. But, it must really exist, and it must be identified.

Can A Gainesville, Florida Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to memorize, drafting a trust that is likely to be carried out according to your wishes can be fairly difficult. For that reason, a Gainesville, Florida attorney experienced in estate planning can be invaluable.

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

Life in Gainesville

Gainesville, Florida is the largest city in, and the county seat of, Alachua County, Florida. Its population is approximately 125,000 people.

Human habitation of the area that now includes Gainesville, Florida dates back at least 12,000 years. One of the ancient structures left behind by these people is colloquially known as the "Law School Mound." It is a burial mound that sits on the University of Florida Law School's campus, and it is estimated to be over 1,000 years old.

Many Gainesville, Florida attorneys studied law at this university. These lawyers are drawn to Gainesville because of its low cost of living, and business-friendly culture. Gainesville is also known for its promotion of solar energy, which allows private property owners with solar panels on their land to supply excess electricity back into the local power grid, helping people recoup the cost of investing in solar panels, making this environmentally-friendly practice more attractive.

If you live in Gainesville, Florida and are in need of legal advice, chances are good that a local Gainesville, Florida attorney can help.

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