Drafting a Trust In Tallahassee, Florida

Find the right Drafting a Trust attorney in Tallahassee, FL

In Tallahassee, 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. 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 very challenging) 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 case, the trust fund might not last very long, particularly if the beneficiary is a younger person.

What to Include in Any Tallahassee, FL Trust

There are 4 things that have to be present in every trust for it to be legitimate in Tallahassee, Florida. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it very clear when drafting the document.

Second, the trust must further name a trustee. The trustee is the person who is actually going to administer the trust, and has possession and control of the property while it is the subject of the trust.

The third element is a beneficiary. The beneficiary is a person or entity who the trust is designed to benefit. Although a beneficiary has to be named, they don't actually have to exist at the time the trust is written. For example, if a person sets up a trust to benefit his or her grandchildren, and doesn't yet have any, the trust is valid. If and when their grandchildren are born, the rights that the trust creates will vest in them immediately.

Lastly, the trust needs to have a corpus, or body. The "body" of the trust is the property that benefits the beneficiary, and that the trustee oversees. Obviously, there can be no trust without something being held in trust.

Can A Tallahassee, 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 perplexing. Therefore, it is advisable to contact a reputable Tallahassee, Florida attorney to help you set up a trust.

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

Life in Tallahassee

Tallahassee is the capital of Florida, with an approximate population of 181,376 people. Tallahassee is known to be a great college town, being home to Florida State University, Florida AM University, and branches of Saint Leo University, Thomas University, Keiser University, Barry University, and Flagler College.

Alongside great education, Tallahassee offers great attractions! These attractions include the Alfred B. Maclay State Gardens, the Tallahassee Museum of History and Natural Science, the Mary Brogan Museum of Art and Science, St. Marks National Wildlife Refuge, and the Knott House Museum.

Tallahassee is also home to many law firms of all sizes, small, medium, and large. These firms house many competent attorneys in all areas of practice. Thus, residents, businesses, and corporations in Tallahassee should rest assured because any legal inquiry can be handled by the legal force in Tallahassee.

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