Drafting a Trust In Lumberton, North Carolina

Find the right Drafting a Trust attorney in Lumberton, NC

A trust in Lumberton, 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 common reasons is to ensure that a person always 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 allows the beneficiary to access a limited portion of the money per week, or per month.

A trust can be set up to allow 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 implement 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 Lumberton, NC Trust

To implement a legitimate trust in Lumberton, North Carolina, 4 elements must be present. The first element is purpose - the property being held in trust must be there for a reason. Your trust can serve just about any lawful purpose you can think of.

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 accountable for seeing that it is utilized according to the purpose of the trust.

The third element is a beneficiary. The beneficiary is a person or entity who the trust is designed to benefit. Although a beneficiary has to be named, they don't actually 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 Lumberton, North Carolina Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to remember, drafting a trust that is sure to be carried out according to the wishes of the person making it can still be complicated. For that reason, a good Lumberton, North Carolina attorney experienced in estate planning and the drafting trusts may prove invaluable.

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

Life in Lumberton

Lumberton is a city located in Robeson County, North Carolina. It currently has a population of approximately 20,000 people.

The city is located on the Lumber River, and was founded in 1787 by an Army officer, a few years after the end of the American Revolutionary War.

Originally, the Lumber River was used as a major route to transport lumber. Before the advent of mechanized transportation, it was common for lumber to be transported long distances by floating it down large rivers, and such transport was a major source of jobs and development for the areas where this transport occurred.

Most of the growth that turned Lumberton into the city it is today, however, occurred during and after WWII, where it was a major shipping center.

Modernly, the Lumber River is a major recreational attraction, allowing for swimming, rafting, and fishing. It is considered one of the most highly-prized recreational sites in the state, thanks to its natural beauty, and the fact that it features large areas of almost completely unspoiled coastal plains habitat.

There are plenty of Lumberton, North Carolina lawyers who can handle whatever legal issue you might be facing.

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