A trust is a legal instrument that allows you to transfer ownership of property (such as investments or real estate) to another person, or institution with fiduciary duty, to administer it for the benefit of others. The person who transfers ownership of the property to the trust is called the grantor, donor or settlor; the person who manages the trust on behalf of the beneficiaries is the trustee. There are many ways to structure a trust, and it can be an important part of your overall casino88 estate plan.
In addition to saving taxes, the biggest advantage of a trust is that it allows you to provide specific instructions about how your assets are to be used after your death. You can include conditions such as age attainment provisions, parameters on what types of expenses the money in the trust can be spent on and other restrictions to help ensure your wishes are carried out after you’re gone.
It is possible to establish a trust under your will or by creating a separate trust agreement during your lifetime. There are benefits to both approaches, and it is important to discuss your situation and objectives with a qualified attorney to decide which method is best for you.
There are many forms of trusts, and the choice depends on the needs of you and your beneficiaries. Some trusts are revocable and can be amended or revoked at any time; others, called irrevocable trusts, cannot be modified or revoked once they are established.
Trusts are typically administered by a trustee, who may be an individual, an institution with fiduciary duties, or a family member or close friend. The trustee must be willing and able to carry out the duties and responsibilities of the position; it is important that the trustee have the experience, expertise and objectivity necessary to manage your assets. A trustee’s responsibilities can be complex, and it is important that the trust be well-documented to ensure that all requirements are met.
A trustee must also keep records and accounts in accordance with the trust document and applicable law. In addition, the trustee must make distributions to the beneficiaries of the trust according to the terms of the trust document and applicable law. Beneficiaries can be individuals, charities, family members or friends.
A trust is a good way to pass on valuable personal possessions and assets that you would not want your loved ones to have to sell to pay taxes or debts. A trust can also protect a prized collection such as art, stamps or coins that you have worked hard to accumulate or that has taken you on many adventures around the world. In these cases, you can direct that the items are to be left to specific individuals or to a museum or nonprofit organization. A trust can even be used to provide support for a child with special needs or disabilities, such as physical and developmental impairments. The trust can be used to fund education, medical expenses or other special needs of the beneficiary.