A trust in Fulton, Mississippi is an arrangement under which property is possessed by one person, but used always for the benefit of, and legally owned by, another.
Trusts serve a number of purposes. For example, they can be set up to ensure that the beneficiary (say, a child) will consistently have enough money to live off of, but will be unable to spend it all on frivolities.
A trust can make as many or as few allowances as the person creating it wants. For example, a trust could be set up which authorizes the beneficiary to spend the money on educational expenses, and nothing else.
If you want, you could create 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 Fulton, MS Trust
There are 4 distinct elements that must be present for any trust to be valid in Fulton, Mississippi. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be stated.
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.
Third, the trust needs to have a named beneficiary. The beneficiary is the person who benefits from the trust.
Fourth and finally, the trust must include 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 valid, the corpus must be clearly identified.
Can A Fulton, Mississippi 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 difficult. Therefore, you should probably seek the assistance of a Fulton, Mississippi attorney if you wish to set up a trust.