A trust in Ripley, Mississippi is an arrangement under which property is possessed by one person, but used completely for the benefit of, and legally owned by, another.
Trusts serve a variety of purposes. For instance, 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 instance, 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 case, the trust fund might not last very long, particularly if the beneficiary is a younger person.
What to Include in Any Ripley, MS Trust
There are 4 distinct elements that must be present for any trust to be legitimate in Ripley, Mississippi. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be expressed.
The second required element is a trustee. The trustee's job is to supervise and manage the money that makes up the trust. They are also required to take reasonable efforts to guarantee that the money is only utilized for the purpose of the original trust agreement.
Third, there must be a named beneficiary. This is the person, persons, or entity who is truly benefiting from the trust. This person or entity must be precisely identified, or must be identifiable at some point in the future that can be objectively defined.
Finally, 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 Ripley, Mississippi Trust Drafting Attorney Help?
While its' easy to list the basic elements that need to be present for a trust to be valid, the actual process of setting up a trust can be a little confusing. For that reason, seeking the counsel of a reliable Ripley, Mississippi attorney to help you set up a trust is probably a good idea.