In Kitsap County, Washington, a trust is a specific 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 perpetually have enough money to live off of, but will be unable to spend it all on frivolities.
A trust can make as many or as few allowances as the person creating it wants. For example, a trust could be set up which permits the beneficiary to spend the money on educational expenses, and nothing else.
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, essentially letting them do whatever they want with the money, if that's what you want to do.
What to Include in Any Kitsap County, WA Trust
To create a valid trust in Kitsap County, Washington, 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.
Second, the trust needs a trustee. The trustee will have possession of the property or money that is being held in trust, and will be responsible for putting it to the use that the creator of the trust intended.
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, and perhaps most importantly, the trust requires a "body." The body of a trust is the thing (typically, but not always, money) that is directly being held in trust, and therefore overseen by the trustee, and used to help the beneficiary.
Can A Kitsap County, Washington 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 complex. Therefore, you should probably seek the assistance of a Kitsap County, Washington attorney if you wish to set up a trust.