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

You might want to set up a trust for a wide number of reasons. It can be set up to guarantee that a child will have money for college, for instance, and that the child will only be able to use the money for that purpose.

A trust can be set up to allow the beneficiary to access the money in it under any conditions the person making the trust wishes. For instance, the trust could be set up so the beneficiary can only use the money in it for education.

If you want, you could formulate a trust with no restrictions on how much money the trustee can spend from the trust, and let the beneficiary spend all the money on whatever they'd like. If this is what you want to do, that's fine- but if the beneficiary is a young adult with spendthrift habits, you obviously might want to take into consideration the fact that they could quickly spend all the money on some pretty frivolous stuff.

What to Include in Any Humble, TX Trust

There are 4 things that have to be present in every trust for it to be legitimate in Humble, 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, the trust must further name a trustee. The trustee is the person who is actually going to administer the trust, and has possession and control of the property while it is the subject of the trust.

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.

Lastly, and perhaps most especially, 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 utilized to help the beneficiary.

Can A Humble, Texas Trust Drafting Attorney Help?

While the elements of a valid trust are fairly simple and easy to memorize, drafting a trust that is likely to be carried out according to your wishes can be fairly difficult. For that reason, a Humble, Texas attorney experienced in estate planning can be invaluable.