In Leon County, 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 are a trustee, you can permit the beneficiary to access the trust under any conditions you see fit (or make it unconditional, if you want). The point is that, if you make sure the trust agreement is well-constructed, you can help the beneficiary in any way you like, secure in the knowledge that they won't be able (or will find it extremely difficult) to spend it on things you don't approve of.

Of course, the trust could also be set up to permit the beneficiary unfettered access to the fund, or a specific 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 Leon County, FL Trust

To set up a valid trust in Leon County, Florida, 4 elements are required. First, the trust must have a stated purpose, and this purpose must be clearly laid out in the documents that create the trust.

The second required element is a trustee. The trustee's job is to supervise and manage the money that makes up the trust. They are also required to take reasonable efforts to ensure that the money is only used for the purpose of the original trust agreement.

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.

Lastly, the trust needs to truly be composed of something. A trust document must name the money or property which is directly being held in trust, which is identified as the "corpus" or "body" of the trust.

Can A Leon County, 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 intricate. For that reason, a good Leon County, Florida attorney specializing in estate planning and the drafting trusts may prove invaluable.