In Castle Hills, Texas, 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.
Regardless of the purpose for which you're establishing 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. Therefore, if you want them to only be able to spend it on education, for example, you can do that.
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, basically letting them do whatever they want with the money, if that's what you want to do.
What to Include in Any Castle Hills, TX Trust
There are 4 distinct elements that must be present for any trust to be valid in Castle Hills, Texas. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be stated.
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 responsible for putting it to the use that the creator of the trust intended.
Third, there must be a named beneficiary. This is the person, persons, or entity who is really benefiting from the trust. This person or entity must be clearly identified, or must be identifiable at some point in the future that can be objectively defined.
Fourth and finally, the trust must include 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 valid, the corpus must be clearly identified.
Can A Castle Hills, Texas 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 convoluted. For that reason, seeking the counsel of a brilliant Castle Hills, Texas attorney to help you set up a trust is probably a good idea.