In Mineola, 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.
If you want to set up a trust, you can make the beneficiary's use of the property as restricted or as permissive as you like. As a simple instance, you might want to dictate that the beneficiary can only use the money for emergencies, or for general living expenses. If the trust is thoroughly drafted, this is completely feasible.
Of course, the trust could also be set up to authorize the beneficiary unfettered access to the fund, or a particular 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 Mineola, TX Trust
To formulate a trust in Mineola, 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, 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 precisely identified, or must be identifiable at some point in the future that can be objectively defined.
Lastly, the trust needs to have a corpus, or body. The "body" of the trust is the property that benefits the beneficiary, and that the trustee oversees. Obviously, there can be no trust without something being held in trust.
Can A Mineola, 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 difficult. For that reason, seeking the counsel of a seasoned Mineola, Texas attorney to help you set up a trust is probably a good idea.