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

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.

Of course, the trust could also be set up to permit the beneficiary unfettered access to the fund, or a specific amount of money could be released from the fund to the beneficiary each month, for the beneficiary to use as he or she sees fit.

What to Include in Any Narberth, PA Trust

There are 4 things that have to be present in every trust for it to be legitimate in Narberth, Pennsylvania. 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, there must be a trustee. This is the individual who will administer the trust, and retain possession of the property or money that it contains, as well as being accountable for utilizing it to effectuate the trust's purpose.

Third, the trust further has to name a beneficiary. This is the individual or entity (such as a charitable organization) who is going to benefit from the trust.

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 Narberth, Pennsylvania 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 Narberth, Pennsylvania attorney to help you set up a trust.