In Sealy, Texas, a trust is a setup under which property is possessed by one person or entity, to be used for the benefit of another.

You might want to set up a trust for a wide variety of reasons. It can be set up to ensure that a child will have money for college, for example, 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 example, you might want to dictate that the beneficiary can only use the money for emergencies, or for basic living expenses. If the trust is carefully drafted, this is entirely feasible.

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, especially if the beneficiary is a teenager or young adult.

What to Include in Any Sealy, TX Trust

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

Second, there must be a trustee. This is the person who will administer the trust, and retain possession of the property or money that it contains, as well as being responsible for using it to effectuate the trust's purpose.

Third, the trust also has to name a beneficiary. This is the person or entity (such as a charitable organization) who is going to benefit from the trust.

Finally, 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 Sealy, Texas Trust Drafting Attorney Help?

While it's not difficult to understand the basic requirements of a trust, actually creating a trust can be a bit more confusing. Therefore, it is advisable to contact a knowledgeable Sealy, Texas attorney to help you set up a trust.