Drafting a Trust In Winston Salem, North Carolina

Find the right Drafting a Trust attorney in Winston Salem, NC

A trust in Winston Salem, North Carolina is an arrangement under which property is possessed by one person, but used completely 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.

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 allowing 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 Winston Salem, NC Trust

To set up a legitimate trust in Winston Salem, 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 actually going to administer the trust, and has possession and control of the property while it is the subject of the trust.

The third required element to make a valid trust is the beneficiary or beneficiaries. Because a trust, by definition, is set up to benefit someone or something, that entity must be identified in the trust. Nonetheless, if the person(s) meant to benefit from the trust do not yet exist, they can still be legitimate beneficiaries, as long as they are part of an identifiable class of people, and can be easily identified if they are born. For instance, you could set up a trust to benefit your grandchildren, even if you don't actually have any grandchildren yet.

Fourth and finally, there must be some money or property which is actually 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. But, it must actually exist, and it must be identified.

Can A Winston Salem, 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 perplexing. Therefore, it is advisable to contact a reputable Winston Salem, North Carolina attorney to help you set up a trust.

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

Life in Winston Salem

Winston-Salem is the largest city in the State of North Carolina and the seat of Forsyth County. It's likely you know Winston-Salem for it's historic role in the tobacco trade. It's been nicknamed "Camel City" in reference to tobacco, "City of the Arts" for the commitment to fine arts and theater, and called simply "The Dash" by many locals.

Winston-Salem offers the Reynolda House Museum of American Art. The Reynolda House was built by Katharine Smith and R.J. Reynolds in 1917 and was recently restored with help from the R.J. Reynolds Tobacco Company.

Additionally, Winston-Salem offers the Southeastern Center for Contemporary Art (SECCA) for visitors who flock to town for Nationally recognized festivals like the National Black Theatre Festival, RiverRun International Film Festival, and the Reynolda Film Festival started by local Wake Forest students in 2007.

A number of Winston-Salem residents are drawn to the city because there are many outstanding schools. Wake Forest University, Winston-Salem State University, University of North Carolina School of the Arts, Salem College, Piedmont Baptist College, Winston-Salem Bible College, and Forsyth Technical Community College are all located within city limits.

As the seat of Forsyth County, Winston-Salem is responsible for playing host to a bevy of government facilities including legislative and legal facilities. Forsyth County Courts are located in Winston-Salem, along with city courts, which are responsible for handling most cases that arise in the area including personal injury lawsuit, wrongful termination, divorce, and criminal cases.

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