Drafting a Trust In Miami, Florida

Find the right Drafting a Trust attorney in Miami, FL

In Miami, 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 numerous 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 very challenging) 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 Miami, FL Trust

To implement a legitimate trust in Miami, 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 guarantee that the money is only utilized for the purpose of the original trust agreement.

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

Fourth and finally, there must be some money or property which is directly 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 truly exist, and it must be identified.

Can A Miami, Florida Trust Drafting Attorney Help?

While it's not difficult to understand the basic requirements of a trust, actually creating a trust can be a bit more complicated. Therefore, it is advisable to contact a reliable Miami, Florida attorney to help you set up a trust.

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

Life in Miami

Miami is the seat of Miami-Dade County and the city with the 9th largest population in the entire United States with over 2.5 million Florida residents. In addition to the massive population, Miami is one of the most popular tourist destinations. It's the United States' 5th richest city and was voted "America's Cleanest City" by Forbes Magazine. The Port of Miami is the number one cruise passenger port on the globe earning Miami the title of "Cruise Capital of the World." Miami does not disappoint with attractions. The Adrienne Arsht Center for the Performing Arts ranks just behind New York's Lincoln Center for the largest performing arts center in the entire United States and hosts world renown operas, ballets, concerts, musicals, and plays.

You shouldn't be surprised to find that the City of Miami attracts so many performance artists like musicians, singers, actors, and dancers. You may also know Miami for it's notoriety as a modeling capital with world renown agencies and events like Mercedes-Benz Fashion Week Miami, an annual event. The Art Basel Miami Beach is an annual art exhibition of contemporary pieces that's known worldwide as "the Olympics of Art" for its size and diverse attendance.

Miami is a city that thrives off f business from tourists. The Cuban immigrants introduced conga, Dominicans brought meringue, Brazilians come with samba, and the Caribbean reggae have blended into a diverse and exciting music scene. The front line of cutting edge music can be heard by famous DJs like DJ Khaled, DJ Laz, and Pitbull. Miami clubs are famous in tv and film.

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