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

Trusts can serve any variety of purposes. They can be set up to guarantee 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.

If you want to set up a trust, you can make the beneficiary's use of the property as restricted or as permissive as you like. As a simple instance, you might want to dictate that the beneficiary can only use the money for emergencies, or for general living expenses. If the trust is thoroughly drafted, this is entirely feasible.

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 Goodlettsville, TN Trust

To implement a legitimate trust in Goodlettsville, Tennessee, 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.

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.

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.

Finally, the trust needs to truly be composed of something. A trust document must name the money or property which is directly being held in trust, which is identified as the "corpus" or "body" of the trust.

Can A Goodlettsville, Tennessee 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 confusing. For that reason, seeking the counsel of a reliable Goodlettsville, Tennessee attorney to help you set up a trust is probably a good idea.