In Union Gap, Washington, 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. 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 consistently 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 instance, a trust could be set up which authorizes the beneficiary to spend the money on educational expenses, and nothing else.

A trust could, of course, be much more permissive, if the creator of the trust wants it to be. You could set up a trust permitting the beneficiary to spend as much of the money in it as they like, on anything. Of course, in such a case, the trust fund might not last very long, particularly if the beneficiary is a younger person.

What to Include in Any Union Gap, WA Trust

There are 4 distinct elements that must be present for any trust to be legitimate in Union Gap, Washington. The first element is the purpose - in drafting a trust document, the purpose that the trust is serving must be stated.

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, 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 precisely identified, or must be identifiable at some point in the future that can be objectively defined.

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

Can A Union Gap, Washington 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 difficult. For that reason, seeking the counsel of a seasoned Union Gap, Washington attorney to help you set up a trust is probably a good idea.