A trust in Mills River, 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 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.
The trust can also be set up to authorize the beneficiary to spend as much of the money in it on anything they like. Of course, few people do this, because the trust isn't likely to last very long under such an arrangement, especially if the beneficiary is a teenager or young adult.
What to Include in Any Mills River, NC Trust
There are 4 things that have to be present in every trust for it to be valid in Mills River, 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 must also name a trustee. The trustee is the person who is really going to administer the trust, and has possession and control of the property while it is the subject of the trust.
Third, there must be a named beneficiary. This is the person, persons, or entity who is really benefiting from the trust. This person or entity must be clearly identified, or must be identifiable at some point in the future that can be objectively defined.
Fourth and finally, there must be some money or property which is really going to be held in the trust. This property is referred to as the "corpus" (body) of the trust, and can be just about anything. However, it must really exist, and it must be identified.
Can A Mills River, North Carolina Trust Drafting Attorney Help?
While the elements of a valid trust are fairly simple and easy to memorize, drafting a trust that is likely to be carried out according to your wishes can be fairly complex. For that reason, a Mills River, North Carolina attorney specializing in estate planning can be invaluable.