Drafting a Trust In Pascagoula, Mississippi

Find the right Drafting a Trust attorney in Pascagoula, MS

A trust in Pascagoula, 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.

A trust could, of course, be much more permissive, if the creator of the trust wants it to be. You could set up a trust authorizing the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a situation, the trust fund might not last very long, especially if the beneficiary is a younger person.

What to Include in Any Pascagoula, MS Trust

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

Second, every trust, to be valid, has to assign a trustee. This is the individual or other entity (such as a corporation) who oversees the property that embodies the trust. They possess and control the property, and are responsible for seeing that it is used according to the purpose of the trust.

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.

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 Pascagoula, 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 Pascagoula, Mississippi attorney to help you set up a trust.

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

Life in Pascagoula

Pascagoula, Mississippi is a city in Jackson County. As of a 2007 estimate by the United States Census Bureau, it has a population of about 24,000 people.

Native American tribes have inhabited Pascagoula for thousands of years, and the name comes from a word that means "bread-eaters" which is how one of the groups of native inhabitants referred to themselves. A Spanish explorer is believed to have made first contact with them in 1540. However, the first permanent European settlement did not come until the 1700s. This area did not become part of the United States until 1812. Before then, it changed handsmultipletimesbetween the French, Spanish, and English. Pascagoula became a city, under the state's legal definition, in 1901. The current downtown area of Pascagoula was once part of Scranton, Mississippi, until the two towns merged in 1912.

Pascagoula, Mississippi is strategically situated on the Gulf of Mexico. Accordingly, its beaches are a popular tourist destination, and its fisheries are an important part of its economy.

If you live in Pascagoula, Mississippi, and have any sort of legal problem, you can probably find someone to help you with it. Pascagoula, Mississippi lawyers can handle just about any case that they might be faced with.

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