Drafting a Trust In Hopewell, Virginia

Find the right Drafting a Trust attorney in Hopewell, VA

In Hopewell, Virginia, a trust is a certain method of managing property for the benefit of another person. A trustee is able to possess and, to some extent, control the property. Nonetheless, the property is owned by the beneficiary, the person for whose benefit the property is being used.

Trusts serve a variety of purposes. For instance, they can be set up to ensure that the beneficiary (say, a child) will always have enough money to live off of, but will be unable to spend it all on frivolities.

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 totally feasible.

The trust can also be set up to allow 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 Hopewell, VA Trust

To implement a legitimate trust in Hopewell, Virginia, 4 elements must be present. The first element is purpose - the property being held in trust must be there for a reason. Your trust can serve just about any lawful purpose you can think of.

The second required element is a trustee. The trustee's job is to supervise and manage the money that makes up the trust. They are also required to take reasonable efforts to guarantee that the money is only utilized for the purpose of the original trust agreement.

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.

Finally, the trust needs to actually be composed of something. A trust document must name the money or property which is actually being held in trust, which is known as the "corpus" or "body" of the trust.

Can A Hopewell, Virginia 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 perplexing. Therefore, it is advisable to contact a reputable Hopewell, Virginia attorney to help you set up a trust.

Talk to a Wills, Trusts & Estates Law Attorney now!

Life in Hopewell

Hopewell is found in the Tri-Cities area of Virginia and is incorporated into the Richmond Metropolitan Statistical area. The city is home to 24,000 suburban residents who live on a bluff overlooking the James River and Appomattox River. The city was developed by the DuPont Company in 1914 which manufactured dynamite, however, during World War I the factory switched to creating guncotton for soldiers and allies. Hopewell was burnt nearly to the ground in 1915 but rose from the ashes and quickly rebuild with help from local companies. The Tubize Corporation established a plant in Hopewell in 1923.

Today the city's manufacturing plants are primarily focused on chemical processing with large corporations like Honeywell, Smurfit-Stone Container Corporation, and Hercules Chemical providing the bulk of employment in the area. The City Point Historical District of Hopewell offers outstanding lodging and culinary accommodations but many flock to see the collection of Sears Catalog Homes. Sever of them are available for self guided tours. Lawyers and firm offices are also located in Hopewell. Hopewell lawyers take a diverse selection of cases and are well acquainted with advising their clients on local courts as well.   

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