Drafting a Trust In El Paso, Texas

Find the right Drafting a Trust attorney in El Paso, TX

In El Paso, 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. So, if you want them to only be able to spend it on education, for example, you can do that.

The trust can also be set up to allow 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, especially if the beneficiary is a teenager or young adult.

What to Include in Any El Paso, TX Trust

There are 4 things that have to be present in every trust for it to be valid in El Paso, 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.

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.

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 instance, 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, 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 El Paso, Texas Trust Drafting Attorney Help?

While the elements of a valid trust are relatively simple and easy to remember, drafting a trust that is sure to be carried out according to the wishes of the person making it can still be complicated. For that reason, a good El Paso, Texas attorney specializing in estate planning and the drafting trusts may prove invaluable.

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Life in El Paso

El Paso, Texas is a large city in (and the county seat of) El Paso County, in the far western tip of Texas. It is the 5th-largest city in Texas, and the 22nd largest city in the United States, with a population of over 620,000. El Paso is right over the U.S. border from Juarez, Mexico.

The two cities are directly adjacent, and a great deal of cultural and economic exchange occurs between the two. For this reason, they are typically treated as part of the same metropolitan area (referred to as El Paso-Juarez). With a population of over 2.3 million people, El Paso-Juarez is one of the largest international metro areas in the world.

El Paso is an important entry point into the U.S., and Juarez serves the same role in Mexico. There is a significant amount of trade between the two cities, which accounts for a significant amount of the economic activity in both cities.

Additionally, Fort Bliss, an U.S. Army base which serves as home to the Air Defense Artillery Branch, is a major contributor to El Paso's economy.

Given its size and economic diversity, El Paso, Texas attorneys have plenty of work to keep busy, which ensures that they are constantly challenged, forcing them to become proficient in as many areas of law as possible. Accordingly, it's nearly certain that there's at least one El Paso, Texas lawyer who can help you with your legal issues.

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