Drafting a Trust In Palm Beach, Florida

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

In Palm Beach, 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 are a trustee, you can authorize 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.

Because you, as the trustee, can decide the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, basically letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Palm Beach, FL Trust

To set up a legitimate trust in Palm Beach, Florida, 4 elements are necessary. First, the trust must have a stated purpose, and this purpose must be precisely laid out in the documents that formulate 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 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 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 Palm Beach, 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 intricate. Therefore, it is advisable to contact a seasoned Palm Beach, Florida attorney to help you set up a trust.

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

Life in Palm Beach

Palm Beach is a beautiful area located in Palm Beach County, Florida. It is surrounded by West Palm Beach and Lake Worth. It is a small city with a population around the mid 30,000s.

What is interesting is that the area started off as a resort founded by the oil mogul Henry Morrison Flagler. Later Edward R. Bradley bought this area and it was named Palm Beach.

Palm Beach today is a very beautiful area with a relatively affluent community. Some of the prominent industries include health care and tourism. Further, the area is filled with law firms that can handle any and every legal inquiry of residents and local corporations.

Some common tourist attractions include Four Arts Garden, Mar-A-Lago, the Flagler Museum, Pan's Garden, and some fine dining and shopping around Worth Avenue.

Some famous people who have called Palm Beach home include Mark Patton, James Patteron, Ivana Trump, Jimmy Buffett, Michael Jackson, and John Lennon.

All in all, Palm Beach is a small community that offers residents a wonderful quality of life!

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