Drafting a Trust In Tampa, Florida

Find the right Drafting a Trust attorney in Tampa, FL

In Tampa, 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 Tampa, FL Trust

There are 4 things that have to be present in every trust for it to be legitimate in Tampa, 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.

Third, there must be a named beneficiary. This is the person, persons, or entity who is actually benefiting from the trust. This person or entity must be precisely identified, or must be identifiable at some point in the future that can be objectively defined.

Finally, the trust needs to actually be composed of something. A trust document must name the money or property which is actually being held in trust, which is known as the "corpus" or "body" of the trust.

Can A Tampa, Florida Trust Drafting Attorney Help?

While the elements of a valid trust are fairly 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 Tampa, Florida attorney experienced in estate planning and the drafting trusts may prove invaluable.

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

Life in Tampa

Tampa is the seat of Hillsboro County, Florida. Tampa is home to nearly 350,000 residents including a number of professional athletes who play on local Tampa based teams. The Tampa Bay Buccaneers who won Super Bowl XXXVII champions in 2002 play at Raymond James Stadium. Tampa is also home to the Tampa Bay Lightning professional NHL hockey team. The only team claiming the "Tampa Bay" location that does not play within city limits is the Tampa Bay Rays MLB team who play in nearby St. Petersburg.

Downtown Tampa has been undergoing a revitalization project that started in 2007. Residential, hotel, and mixed use building have been constructed in an effort to revamp the downtown region and increase housing values. Rents have reduced and average of 4% in the United States but Tampa has only seen a 2% decrease. The discrepancy could be a result of the new downtown projects, however, Tampa offers outstanding transportation routes including railroad, high speed rail, sea ports, 3 nearby airports, and well maintained streets and highways.

The MacDill Air Force Base is home to the United States Special Operations Command (SOCOM) as well as an impressive fleet of cutting edge aircraft. Tampa residents and visitors frequent the annual air show that resumed after a 2002 and 2003 hiatus resulting from the 9/11 attacks.

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