A trust in Mount Olive, 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 instance, 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, particularly if the beneficiary is a teenager or young adult.
What to Include in Any Mount Olive, NC Trust
There are 4 things that have to be present in every trust for it to be legitimate in Mount Olive, 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.
Third, the trust further has to name a beneficiary. This is the individual or entity (such as a charitable organization) who is going to benefit from the trust.
Finally, the trust needs to really be composed of something. A trust document must name the money or property which is really being held in trust, which is recognized as the "corpus" or "body" of the trust.
Can A Mount Olive, 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 Mount Olive, North Carolina attorney to help you set up a trust.