Drafting a Trust In Waynesboro, Virginia

Find the right Drafting a Trust attorney in Waynesboro, VA

In Waynesboro, 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. 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 always have enough money to live off of, but will be unable to spend it all on frivolities.

If you are a trustee, you can allow 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.

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

What to Include in Any Waynesboro, VA Trust

There are 4 distinct elements that must be present for any trust to be valid in Waynesboro, Virginia. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be articulated.

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 ensure that the money is only used for the purpose of the original trust agreement.

Third, the trust needs to have a named beneficiary. The beneficiary is the person who benefits from the trust.

Fourth and finally, there must be some money or property which is actually 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 actually exist, and it must be identified.

Can A Waynesboro, 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 complex. Therefore, it is advisable to contact a good Waynesboro, Virginia attorney to help you set up a trust.

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Life in Waynesboro

Waynesboro, Virginia is an independent city located in beautiful Agusta County. The city of Waynesboro derives its name from General Anthony Wayne -- a key figure in the American Revolutionary War. Waynesboro is home to close to 22,000 residents and is located on 15.4 square miles. Waynesboro is the famous home to P. Buckley Moss, a famous local artist who paints the landscape. The P. Buckley Moss Museum draws close to 45,000 visitors a year to Waynesboro.

Waynesboro is a city with a lot of American History. In addition to it's name, Waynesboro was the site of some important victories for General Anthony Wayne. Today, the city keeps that military spirit alive with various historical markers and also in their education. The Fishburne Military School is located in Waynesboro and is an all-male military school for grades 8-12.

Waynesbobro has more than history to offer its' residents. The city is also home to a thriving professional community with many talented lawyers, doctors, accountants, and businessmen. Waynesboro lawyers are some of the best in the business and just another aspect of this Virginia city that people enjoy.

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