Drafting a Trust In Charleston, South Carolina

Find the right Drafting a Trust attorney in Charleston, SC

In Charleston, South Carolina, 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.

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. Thus, if you want them to only be able to spend it on education, for instance, you can do that.

The trust can also be set up to permit the beneficiary to spend as much of the money in it on anything they like. Of course, few people do this, because the trust isn't likely to last very long under such an arrangement, particularly if the beneficiary is a teenager or young adult.

What to Include in Any Charleston, SC Trust

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

The second required element is a trustee. The trustee's job is to supervise and manage the money that makes up the trust. They are also required to take reasonable efforts to guarantee that the money is only utilized for the purpose of the original trust agreement.

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, the trust must contain what is known as the "corpus" or "body." The corpus is the money and/or property which is being held in trust. For a trust to be legitimate, the corpus must be precisely identified.

Can A Charleston, South Carolina 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 complicated. For that reason, a Charleston, South Carolina attorney experienced in estate planning can be invaluable.

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

Life in Charleston

Charleston, South Carolina is an important port city located in Charleston County. It is nicknamed the "Holy City" due to the large number of churches that mark the city's skyline. As a port city, trade is central to the city, as a number of ships and boats launch regularly from Charleston.

Charleston is unique among cities that showcase a Southern culture. In general, Charleston's community culture is a rich blend of French, English, West African, and southern American elements. Particularly, the "Charleston dialect" is a rare dialect featuring distinct phrases and is not comparable to other dialects in the Southern U.S.

Charleston, South Carolina draws many visitors every year when it holds its annual Spoleto Festival USA. The Spoleto Festival is an art festival lasting 17 days and featuring more than 100 performances by artists practicing in different disciplines. The event is an internationally recognized festival and is considered to be the premier performing arts festival of the U.S. Other notable Charleston attractions include live music at the Music Farm, and the Citadel a famous military college. Many Charleston lawyers studied at Charleston School of Law.

Lawyers in Charleston, South Carolina are available to assist persons who may have differing legal needs. Charleston is the first city in the United States to institute a "Livability Court", which is a municipal court that focuses on legal cases involving housing, animal control, tourism, traffic, the environment, waste, and compliance with city zoning codes.

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