Drafting a Trust In Wilmington, North Carolina

Find the right Drafting a Trust attorney in Wilmington, NC

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

A trust could, of course, be much more permissive, if the creator of the trust wants it to be. You could set up a trust authorizing the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a case, the trust fund might not last very long, particularly if the beneficiary is a younger person.

What to Include in Any Wilmington, NC Trust

To set up a legitimate trust in Wilmington, North Carolina, 4 elements are necessary. First, the trust must have a stated purpose, and this purpose must be precisely laid out in the documents that formulate the trust.

Second, the trust must further name a trustee. The trustee is the person who is truly going to administer the trust, and has possession and control of the property while it is the subject of the trust.

Third, the trust needs to have a named beneficiary. The beneficiary is the individual who benefits from the trust.

Lastly, and perhaps most especially, the trust requires a "body." The body of a trust is the thing (typically, but not always, money) that is directly being held in trust, and therefore overseen by the trustee, and utilized to help the beneficiary.

Can A Wilmington, North Carolina Trust Drafting Attorney Help?

While it's fairly easy to list off the basic requirements for a valid trust, actually creating and implementing one can be fairly perplexing. Therefore, you should probably seek the guidance of a Wilmington, North Carolina attorney if you wish to set up a trust.

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

Life in Wilmington

Wilmington is in New Hanover County, North Carolina. It is the eighth most populated city in the state, with a population of 362,315 people. It was named after Spencer Compton, the Prime Minister under King George II. Also, in 2003 the city was recognized as "A Coast Guard City" by the United States Congress.

Some popular attractions are Airlie Gardens, Cape Fear Serpentarium, North Carolina Aquarium, Screen Gems Studios, USS North Carolina Battleship Museum, Thalian Hall Center for the Performing Arts, and Fourth Friday Gallery Nights.

Top employers of the city include Corning, Verizon Wireless, General Electric, and Pharmaceutical Product Development.

Wilmington is also home to many law firms and law offices that train excellent attorneys to handle any and every legal inquiry.

Famous residents include Sophia Bush, Chelsea Cooley, Alge Crumpler, Roman Gabriel, Joseph Gallison, Ed Hinton, Jana Kramer, James Lafferty, and Trot Nixon.

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