In Milton Freewater, Oregon, 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.
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 Milton Freewater, OR Trust
There are 4 things that have to be present in every trust for it to be legitimate in Milton Freewater, Oregon. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it quite clear when drafting the document.
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, there must be a named beneficiary. This is the person, persons, or entity who is truly benefiting from the trust. This person or entity must be precisely 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 directly 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 truly exist, and it must be identified.
Can A Milton Freewater, Oregon 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 difficult. For that reason, a Milton Freewater, Oregon attorney experienced in estate planning can be invaluable.