Drafting a Trust In High Point, North Carolina

Find the right Drafting a Trust attorney in High Point, NC

A trust in High Point, 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 instance, the trust could be set up so the beneficiary can only use the money in it for education.

If you want, you could formulate 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 quickly spend all the money on some pretty frivolous stuff.

What to Include in Any High Point, NC Trust

There are 4 things that have to be present in every trust for it to be legitimate in High Point, 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, there must be a trustee. This is the individual who will administer the trust, and retain possession of the property or money that it contains, as well as being accountable for utilizing it to effectuate the trust's purpose.

The third element is a beneficiary. The beneficiary is a person or entity who the trust is constructed to benefit. Although a beneficiary has to be named, they don't really have to exist at the time the trust is written. For example, 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.

Lastly, 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 High Point, North Carolina 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 intricate. Therefore, it is advisable to contact a seasoned High Point, North Carolina attorney to help you set up a trust.

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

Life in High Point

The City of High Point extends into Guilford, Davidson, Randolph, and Forsyth Counties and plays host to 102,000 North Carolina residents making it the eighth largest municipality in the state. You probably know High Point as the "Furniture and Hosiery Capital of the World" due to it's many manufacturing plants that churn out textiles, busses and of course furniture. The population nearly doubles each time the High Point Market opens with over 100,000 vendors and buyers from around the world flocking to the largest furnishings trade show in the world covering 11.5 million square feet.

High Point also plays host to a number of other interesting sites that attract visitors and citizens alike. The Angela Peterson Doll and Miniature Museum is one of the south's largest doll and miniature museums. The Bernice Bienenstock Furniture Library retains the world's largest collection of books on the furniture and interior design, a Mecca for industry professionals. There are a number of lawyers in the town too. High Point lawyers are well versed in a variety of cases both local and statewide. The city is not all business, it also has a number of outstanding parks and recreational areas like High Point City Lake Park which is a recreation and amusement park offering boating, picnic areas, fishing, miniature gold, a water park, and the largest outdoor swimming pool in North Carolina.   

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