In Woodway, 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 are a trustee, you can authorize the beneficiary to access the trust under any conditions you see fit (or make it unconditional, if you want). The point is that, if you make sure the trust agreement is well-constructed, you can help the beneficiary in any way you like, secure in the knowledge that they won't be able (or will find it extremely difficult) to spend it on things you don't approve of.

Because you, as the trustee, can determine the rules under which the trust operates, you could give the beneficiary the right to access the fund at any time, for any reason, basically letting them do whatever they want with the money, if that's what you want to do.

What to Include in Any Woodway, TX Trust

To set up a valid trust in Woodway, Texas, 4 elements are required. First, the trust must have a stated purpose, and this purpose must be clearly laid out in the documents that establish the trust.

Second, the trust must also name a trustee. The trustee is the person who is really going to administer the trust, and has possession and control of the property while it is the subject 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 clearly identified, or must be identifiable at some point in the future that can be objectively defined.

Fourth and finally, there must be some money or property which is really going to be held in the trust. This property is referred to as the "corpus" (body) of the trust, and can be just about anything. However, it must really exist, and it must be identified.

Can A Woodway, 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 confusing. Therefore, you should probably seek the help of a Woodway, Texas attorney if you wish to set up a trust.