Drafting a Trust In St. Petersburg, Florida

Find the right Drafting a Trust attorney in St. Petersburg, FL

In St. Petersburg, 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. 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.

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 allowing the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a situation, the trust fund might not last very long, especially if the beneficiary is a younger person.

What to Include in Any St. Petersburg, FL Trust

There are 4 distinct elements that must be present for any trust to be valid in St. Petersburg, Florida. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be articulated.

Second, the trust needs a trustee. The trustee will have possession of the property or money that is being held in trust, and will be responsible for putting it to the use that the creator of the trust intended.

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

Finally, and perhaps most importantly, 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 St. Petersburg, Florida Trust Drafting Attorney Help?

While its' easy to list the basic elements that need to be present for a trust to be valid, the actual process of setting up a trust can be a little complicated. For that reason, seeking the counsel of a good St. Petersburg, Florida attorney to help you set up a trust is probably a good idea.

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Life in St. Petersburg

St. Petersburg, Florida is the fourth largest city in the state of Florida, and a popular vacation destination for both domestic and international tourists. St. Petersburg is the second largest city in the Tampa Bay area, and home to just under 250,000 residents. The sizeable city is located between the Gulf of Mexico and Tampa Bay -- a location that makes St. Petersburg highly accessible. Nicknamed, "The Sunshine City"boasts 360 days of sunshine a year. Not surprisingly, St. Petersburg is also apopular retirement destination. The St. Petersburg Pier, Museum of Fine Arts, and the Salvador Dali Museum are just a couple of the more popular attractions in the sunny city. St. Petersburg is also home to three professional sports teams for football, baseball, and hockey as well as hosts to many amateursports teams. Professional athletes are not the only professionals that thrive in St. Petersburg. Doctors, lawyers, and accountants are also plentiful in the city. St. Petersburg lawyers have a range of skills and are available to help their clients with big or small legal problems. St. Petersburg lawyers are skilled in any issue a client may be dealing with. With the great weather and growing industries, it is no wonder that St. Petersburg also attracts so many fabulous attorneys.

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