In Cordele, Georgia, a trust is an arrangement in which property is held by one person (the trustee) for the benefit of another (the beneficiary).
There are several 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.
Regardless of the purpose for which you're establishing a trust, you can be sure that the beneficiary will only be able to spend the trust fund in ways you approve of. This is because a trust document, at the time of drafting, can place any restrictions or allowances you want on the beneficiary's use of the money. Therefore, if you want them to only be able to spend it on education, for example, you can do that.
Of course, the trust could also be set up to authorize the beneficiary unfettered access to the fund, or a particular amount of money could be released from the fund to the beneficiary each month, for the beneficiary to use as he or she sees fit.
What to Include in Any Cordele, GA Trust
To establish a trust in Cordele, Georgia, 4 things are required. The first is purpose - the trust must be set up to serve some kind of objective, and it must be clearly stated in the document that creates the trust.
Second, there must be a trustee. This is the person who will administer the trust, and retain possession of the property or money that it contains, as well as being responsible for using it to effectuate the trust's purpose.
The third element is a beneficiary. The beneficiary is a person or entity who the trust is constructed to benefit. Although a beneficiary has to be named, they don't really have to exist at the time the trust is written. For instance, 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 really be composed of something. A trust document must name the money or property which is really being held in trust, which is recognized as the "corpus" or "body" of the trust.
Can A Cordele, Georgia Trust Drafting Attorney Help?
While the elements of a valid trust are relatively 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 complex. For that reason, a good Cordele, Georgia attorney specializing in estate planning and the drafting trusts may prove invaluable.