Drafting a Trust In Havelock, North Carolina

Find the right Drafting a Trust attorney in Havelock, NC

A trust in Havelock, North Carolina is an arrangement under which property is possessed by one person, but used exclusively for the benefit of, and legally owned by, another.

A trust can be set up for just about any reason. One of the most prevalent reasons is to ensure that a person perpetually 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 permits the beneficiary to access a limited portion of the money per week, or per month.

A trust can be set up to permit 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 Havelock, NC Trust

There are 4 things that have to be present in every trust for it to be valid in Havelock, North Carolina. 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, 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.

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 Havelock, North Carolina 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 intricate. For that reason, seeking the counsel of a knowledgeable Havelock, North Carolina attorney to help you set up a trust is probably a good idea.

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

Life in Havelock

Havelock, population 22,000, is located in Craven County in the state of North Carolina. It is one of the state's more quickly growing cities, as it is the second largest in the county. It was originally founded as a railroad station.

Havelock is best known for its connection with the United States military. The city is home to the largest Marine Corps air base on the East Coast, known locally as "Cherry Point". Also, the city is named after Sir Henry Havelock, who was a British military officer operating in India during the 1850's.

Today the town is supported by a bustling economy and is an ideal place for both residents and visitors. The city is served by a fine education system and has many facilities for leisure and recreation purposes. Visitors to the city can inquire at the Havelock Tourist Event Center to receive an in-depth guide to activities in the Havelock.

If you have a legal issue, an attorney in Havelock, North Carolina can be of great assistance. Havelock lawyers handle variety of legal claims and are available for representation and advice.

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