In Tega Cay, South Carolina, a trust is a setup under which property is possessed by one person or entity, to be used for the benefit of another.
Trusts can serve any number of purposes. They can be set up to ensure that the child has a college fund, or to see that the beneficiary's basic needs are met, without the money being spent on frivolities.
A trust can be set up to allow the beneficiary to access the money in it under any conditions the person making the trust wishes. For example, the trust could be set up so the beneficiary can only use the money in it for education.
Because you, as the trustee, can determine the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, effectively letting them do whatever they want with the money, if that's what you want to do.
What to Include in Any Tega Cay, SC Trust
To establish a valid trust in Tega Cay, South Carolina, 4 elements must be present. The first element is purpose - the property being held in trust must be there for a reason. Your trust can serve just about any lawful purpose you can think of.
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 ensure that the money is only used for the purpose of the original trust agreement.
Third, the trust needs to have a named beneficiary. The beneficiary is the person who benefits from the trust.
Finally, and perhaps most vitally, the trust requires a "body." The body of a trust is the thing (usually, but not always, money) that is actually being held in trust, and therefore overseen by the trustee, and used to help the beneficiary.
Can A Tega Cay, South Carolina Trust Drafting Attorney Help?
While its' easy to list the basic elements that need to be present for a trust to be valid, the actual process of setting up a trust can be a little complicated. For that reason, seeking the counsel of a good Tega Cay, South Carolina attorney to help you set up a trust is probably a good idea.