Drafting a Trust In Beaumont, Texas

Find the right Drafting a Trust attorney in Beaumont, TX

In Beaumont, Texas, 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.

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

Of course, the trust could also be set up to allow the beneficiary unfettered access to the fund, or a certain 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 Beaumont, TX Trust

There are 4 things that have to be present in every trust for it to be legitimate in Beaumont, Texas. First, the trust must have a stated purpose. Whatever purpose you intend the trust to serve, you should make it very 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.

The third element is a beneficiary. The beneficiary is a person or entity who the trust is designed to benefit. Although a beneficiary has to be named, they don't actually have to exist at the time the trust is written. For example, if a person sets up a trust to benefit his or her grandchildren, and doesn't yet have any, the trust is valid. If and when their grandchildren are born, the rights that the trust creates will vest in them immediately.

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

Can A Beaumont, Texas Trust Drafting Attorney Help?

While it's fairly easy to list off the basic requirements for a valid trust, actually creating and implementing one can be fairly confusing. Therefore, you should probably seek the advice of a Beaumont, Texas attorney if you wish to set up a trust.

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Life in Beaumont

Beaumont, Texas is a city of about 118,000 people in Jefferson County, of which it is the county seat.

Beaumont, Texas is part of an area known as the "Golden Triangle," which is an area between Beaumont and two other cities, which is a major industrial sector along the Gulf Coast of Texas. One of the largest employers in Beaumont, Texas is the Port of Beaumont, which is the nation's 4th largest seaport by tonnage. It is also the second-largest military seaport in the entire world. A large transport battalion of the U.S. Army is headquartered at that port.

This port, and the businesses associated with it, employ thousands of blue-collar workers, but they also employ many administrative professionals, including Beaumont, Texas lawyers.

Thanks to its diverse economy, many Beaumont, Texas lawyers are highly skilled in a wide variety of practice areas. So, if you are in need of legal services, it's very likely that a Beaumont, Texas attorney can help you.

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