A trust in Hattiesburg, Mississippi is an arrangement under which property is possessed by one person, but used exclusively 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 perpetually 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 permits 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 Hattiesburg, MS Trust

There are 4 things that have to be present in every trust for it to be valid in Hattiesburg, Mississippi. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it quite clear when drafting the document.

Second, the trust must also name a trustee. The trustee is the person who is truly going to administer the trust, and has possession and control of the property while it is the subject of the trust.

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 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.

Finally, the trust needs to have a corpus, or body. The "body" of the trust is the property that benefits the beneficiary, and that the trustee oversees. Obviously, there can be no trust without something being held in trust.

Can A Hattiesburg, Mississippi 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 Hattiesburg, Mississippi attorney to help you set up a trust.