Drafting a Trust In Lagrange, Georgia

Find the right Drafting a Trust attorney in Lagrange, GA

In Lagrange, Georgia, 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. Moreover, 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 creating 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. Thus, if you want them to only be able to spend it on education, for instance, you can do that.

Because you, as the trustee, can decide the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, essentially letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Lagrange, GA Trust

To formulate a trust in Lagrange, Georgia, 4 things are required. The first is purpose - the trust must be set up to serve some sort of objective, and it must be precisely stated in the document that creates the trust.

Second, there must be a trustee. This is the individual who will administer the trust, and retain possession of the property or money that it contains, as well as being accountable for utilizing it to effectuate the trust's purpose.

The third element is a beneficiary. The beneficiary is a person or entity who the trust is created to benefit. Although a beneficiary has to be named, they don't truly 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.

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 Lagrange, Georgia Trust Drafting Attorney Help?

While it's fairly easy to list off the basic requirements for a valid trust, actually creating and implementing one can be fairly complicated. Therefore, you should probably seek the guidance of a Lagrange, Georgia attorney if you wish to set up a trust.

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

Life in Lagrange

LaGrange, Georgia is a town located in Troup County, Georgia.

It currently has a population of about 25,000 people. Settlement of the area now known as LaGrange began in the early 1800s, and got its name from Colonel Oscar LaGrange, a Union officer during the American Civil War, who defied the "scorched earth" strategy of some Union commanders, and spared the homes of many residents of the area.

After the war, LaGrange became an important transportation hub, with several rail lines converging in the town. It also became a major center for the textile industry, like many Southern cities in the 19th and 20th centuries. However, by the mid-20th Century, this industry had begun to decline significantly.

Currently, thanks to the convergence of several national highways in LaGrange, the city remains a transportation hub, with many large companies, such as Wal-Mart, having set up distribution centers in the area.

If you live in LaGrange, Georgia or the surrounding areas, you can probably find a good LaGrange, Georgia attorney who can handle your case. LaGrange, Georgia attorneys are ready to help.

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