In Miami, Oklahoma, a trust is a setup under which property is possessed by one individual or entity, to be utilized for the benefit of another.

Trusts serve a variety of purposes. For instance, they can be set up to ensure that the beneficiary (say, a child) will perpetually have enough money to live off of, but will be unable to spend it all on frivolities.

If you are a trustee, you can permit the beneficiary to access the trust under any conditions you see fit (or make it unconditional, if you want). The point is that, if you make sure the trust agreement is well-constructed, you can help the beneficiary in any way you like, secure in the knowledge that they won't be able (or will find it very challenging) to spend it on things you don't approve of.

Because you, as the trustee, can decide the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, essentially letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Miami, OK Trust

There are 4 distinct elements that must be present for any trust to be legitimate in Miami, Oklahoma. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be expressed.

Second, the trust needs a trustee. The trustee will have possession of the property or money that is being held in trust, and will be accountable for putting it to the use that the creator of the trust intended.

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

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 Miami, Oklahoma 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 complicated. Therefore, it is advisable to contact a reliable Miami, Oklahoma attorney to help you set up a trust.