A trust in Greenville, North Carolina is an arrangement under which property is possessed by one person, but used entirely for the benefit of, and legally owned by, another.
A trust can be set up for just about any reason. One of the most frequent reasons is to ensure that a person consistently has enough money to avoid going broke, but not enough that they can avoid getting a job, or spend all of the money on things they don't need. This can be accomplished by drafting a trust agreement so that only authorizes the beneficiary to access a limited portion of the money per week, or per month.
A trust can be set up to authorize the beneficiary to access the money in it under any conditions the person making the trust wishes. For example, the trust could be set up so the beneficiary can only use the money in it for education.
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 Greenville, NC Trust
There are 4 things that have to be present in every trust for it to be valid in Greenville, North Carolina. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it extremely clear when drafting the document.
Second, the trust needs a trustee. The trustee will have possession of the property or money that is being held in trust, and will be responsible for putting it to the use that the creator of the trust intended.
Third, the trust also has to name a beneficiary. This is the person or entity (such as a charitable organization) who is going to benefit from the trust.
Finally, and perhaps most importantly, the trust requires a "body." The body of a trust is the thing (normally, but not always, money) that is really being held in trust, and therefore overseen by the trustee, and used to help the beneficiary.
Can A Greenville, North Carolina 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 perplexing. Therefore, you should probably seek the assistance of a Greenville, North Carolina attorney if you wish to set up a trust.