Drafting a Trust In Roanoke, Virginia

Find the right Drafting a Trust attorney in Roanoke, VA

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

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

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 Roanoke, VA Trust

To set up a valid trust in Roanoke, Virginia, 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.

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 Roanoke, Virginia 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 convoluted. For that reason, seeking the counsel of a brilliant Roanoke, Virginia attorney to help you set up a trust is probably a good idea.

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

Life in Roanoke

Roanoke is considered the tenth-largest city in Virginia, with an approximate population of 97,000 people. It is located specifically in southwest Virginia, near Salem, Botetourt, Craig, and Franklin.

Top employers include Carilion Clinic, Wal-Mart, Anthem Blue Cross, and the school districts. The legal industry too has a presence via the attorney residents who practice law in small boutique firms or law offices. Thus, residents of Roanoke remain assured that their legal needs can be adequately handled.

Some nicknames of the city include "Star City," The Older Magic City," "Big Lick," and "Capital of the Blue Ridge."

Celebrity residents have included Tony Atlas, Tai Collins, Curtis Staples, John St. Clair, and J.J. Redick.

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