How Do You Set Up A Family Trust Fund?
A family trust is set up by a person or persons to pass on assets to family members. People set up family trusts when they are still alive or as part of a will. When you set up a trust, you transfer your assets to it immediately or over time. You no longer have ownership of those assets, but you have control over a trust. A family trust is a good idea for people who are building up wealth and want to keep it safe. The trust can benefit members of the family as beneficiaries and are also used for tax purposes. Trusts can end in death or go on after death of the person or persons who control the trust. Get financial and tax advice from professionals on setting up a trust. You can get professional help in forming the trust or establish it on your own using professional legal services. Choose a trustee to handle your family trust. This can be a family member or someone who is reputable and has experience in managing a trust. A person establishing the trust may also be a member of a trustee
