Drafting a Trust In Miami Beach, Florida

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

In Miami 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. Furthermore, 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 allow 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 allow the beneficiary unfettered access to the fund, or a certain 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 Miami Beach, FL Trust

To establish a valid trust in Miami Beach, Florida, 4 elements must be present. The first element is purpose - the property being held in trust must be there for a reason. Your trust can serve just about any lawful purpose you can think of.

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, the trust needs to have a named beneficiary. The beneficiary is the person who benefits from the trust.

Finally, and perhaps most vitally, the trust requires a "body." The body of a trust is the thing (usually, but not always, money) that is actually being held in trust, and therefore overseen by the trustee, and used to help the beneficiary.

Can A Miami 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 complicated. For that reason, a good Miami Beach, Florida attorney specializing in estate planning and the drafting trusts may prove invaluable.

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

Life in Miami Beach

Miami Beach is known to many because of South Beach! Millions of tourists visit South Beach every year to relax and enjoy the Miami beaches and night life! Miami Beach, as well as Downtown Miami, is the commercial center of South Florida. Miami Beach is known as one of the U.S.'s "pre-eminent beach resorts."

Besides the beaches, some popular sites include the Guggenheim Museum, Walt Disney Concert Hall, the Miami City Ballet, and the Live Wallcasts building, designed by award-winning architect Frank Gehry.

Some famous Miami Beach residents include Walter Briggs, Sr, Kent Cooper, Jackie Gleason, Knute Rockne, Nicholas Schenck and Albert Warner.

Miami is also filled with many law firms, of all sizes. These firms train excellent attorneys. Therefore Miami Beach residents can remain rest assured because any and every legal matter of theirs can be handled by Miami's legal force!

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