Drafting a Trust In Winter Haven, Florida

Find the right Drafting a Trust attorney in Winter Haven, FL

In Winter Haven, 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. 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.

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 permitting 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 Winter Haven, FL Trust

To set up a legitimate trust in Winter Haven, 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 implement the trust.

Second, every trust, to be valid, has to assign a trustee. This is the individual or other entity (such as a corporation) who oversees the property that embodies the trust. They possess and control the property, and are accountable for seeing that it is utilized according to the purpose of the trust.

The third required element to make a valid trust is the beneficiary or beneficiaries. Because a trust, by definition, is set up to benefit someone or something, that entity must be identified in the trust. Nonetheless, if the person(s) meant to benefit from the trust do not yet exist, they can still be legitimate beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For instance, you could set up a trust to benefit your grandchildren, even if you don't really have any grandchildren yet.

Fourth and finally, the trust must contain what is known as the "corpus" or "body." The corpus is the money and/or property which is being held in trust. For a trust to be legitimate, the corpus must be precisely identified.

Can A Winter Haven, 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 Winter Haven, Florida attorney to help you set up a trust.

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

Life in Winter Haven

Located in Polk County, Winter Haven Florida is home to just under 30,000 residents. The charming city is home to the second largest Legoland in the world and is also the site of the first Publix Supermarket Store.Winter Haven served as the former spring baseball training site for the Philadelphia Phillies and Boston Red Sox and it is easy to see that city's enthusiasm for sports in the many parks and recreation centers that dot the city.

Winter Haven is home to one college: Polk State College, which is a popular choice for local students to attend. With a heavy emphasis on education, Winter Haven is home to some top professionals including bankers, doctors, accountants and lawyers. Winter Haven lawyers enjoy everything the city has to offer, both personally and professionally. Winter Haven lawyers were trained at some of the nation's top universities and are always happy to help their local client with whatever the legal issue may be.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Regel B.
Regel B.

Wills, Trusts and Estates

Caldwell, LA

Brad M.
Brad M.

Wills, Trusts and Estates

Sussex, NJ

David L.
David L.

Wills, Trusts and Estates

Ashland, OH