In Winston, 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 consistently have enough money to live off of, but will be unable to spend it all on frivolities.
Regardless of the purpose for which you're creating a trust, you can be sure that the beneficiary will only be able to spend the trust fund in ways you approve of. This is because a trust document, at the time of drafting, can place any restrictions or allowances you want on the beneficiary's use of the money. Therefore, if you want them to only be able to spend it on education, for instance, you can do that.
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, basically letting them do whatever they want with the money, if that's what you want to do.
What to Include in Any Winston, OR Trust
There are 4 distinct elements that must be present for any trust to be legitimate in Winston, Oregon. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be stated.
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.
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 really have any grandchildren yet.
Lastly, and perhaps most notably, the trust requires a "body." The body of a trust is the thing (normally, but not always, money) that is really being held in trust, and therefore overseen by the trustee, and utilized to help the beneficiary.
Can A Winston, Oregon Trust Drafting Attorney Help?
While the elements of a valid trust are fairly simple and easy to remember, drafting a trust that is sure to be carried out according to the wishes of the person making it can still be complex. For that reason, a good Winston, Oregon attorney experienced in estate planning and the drafting trusts may prove invaluable.