Drafting a Trust In Peachtree City, Georgia

Find the right Drafting a Trust attorney in Peachtree City, GA

In Peachtree City, 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. 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 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. Thus, if you want them to only be able to spend it on education, for example, you can do that.

If you want, you could establish a trust with no restrictions on how much money the trustee can spend from the trust, and let the beneficiary spend all the money on whatever they'd like. If this is what you want to do, that's fine- but if the beneficiary is a young adult with spendthrift habits, you obviously might want to take into consideration the fact that they could easily spend all the money on some pretty frivolous stuff.

What to Include in Any Peachtree City, GA Trust

There are 4 distinct elements that must be present for any trust to be valid in Peachtree City, Georgia. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be expressed.

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 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. However, if the person(s) meant to benefit from the trust do not yet exist, they can still be valid beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For example, you could set up a trust to benefit your grandchildren, even if you don't truly have any grandchildren yet.

Lastly, the trust needs to truly be composed of something. A trust document must name the money or property which is directly being held in trust, which is identified as the "corpus" or "body" of the trust.

Can A Peachtree City, Georgia 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 confusing. Therefore, it is advisable to contact a knowledgeable Peachtree City, Georgia attorney to help you set up a trust.

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

Life in Peachtree City

Peachtree City plays host to 35,000 Fayette County residents. The population is expected in increase drastically with the formal annexation of an adjacent unincorporated area of Coweta County known as "the West Village." Annexation or not, Peachtree City is one of the best places to live in the United States. The city offers over ninety miles of road dedicated solely to golf cart traffic. Over 25% of Peachtree City residents own a golf cart making it a very popular method of transportation. The city allows unaccompanied 15-year olds to operate the carts alone as long as they have a learner's permit. Peachtree City is known widely as the location of a National Weather Service radar station from which the Weather Forecast Office broadcasts. Most recently, Peach tree city ranked 8th on Money Magazine's 100 best places to live. It's the second time. Peachtree City additionally won the Tree City USA title from the Arbor Day Foundation.

Peachtree City is also a bustling center of commerce with Panasonic Automotive Systems Company of America which is a major supplier of automotive electronics, the long time local company named Cooper Lighting, and Avery Dennison which manufacturers paper products and adhesives. As such a standout city, you shouldn't be surprised to find out there are a number of local Peachtree City lawyers. Lawyers in Peachtree City are acquainted with local Fayette County and Georgia State court procedures.

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