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

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

What to Include in Any Falfurrias, TX Trust

To formulate a trust in Falfurrias, Texas, 4 things are required. The first is purpose - the trust must be set up to serve some sort of objective, and it must be precisely stated in the document that creates the trust.

Second, every trust, to be valid, has to assign a trustee. This is the individual or other entity (such as a corporation) who oversees the property that embodies the trust. They possess and control the property, and are accountable for seeing that it is utilized according to the purpose of the trust.

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.

Lastly, and perhaps most especially, the trust requires a "body." The body of a trust is the thing (typically, but not always, money) that is directly being held in trust, and therefore overseen by the trustee, and utilized to help the beneficiary.

Can A Falfurrias, 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 perplexing. Therefore, you should probably seek the guidance of a Falfurrias, Texas attorney if you wish to set up a trust.