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Living trust beneficiaries can include family, friends, charities, alma maters, pets and others. By contrast, family trusts are designed to benefit only the family members of the grantor.
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A living trust is a legal arrangement that allows you to pass on assets to the beneficiaries you designate. You're able to maintain control over a trust and its assets as long as you're alive.
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
Continue reading → The post Don’t Sleep on This Difference: Family Trust vs. Living Trust appeared first on SmartAsset Blog. One of the common estate planning tips for investors is to get a ...
Browne-Wilkinson J held that the trust was valid, because both concepts of friends and family could be given a workable meaning. Although ‘friend’ could have a wide variety of meaning, the minimum requirements were that (a) the relationship had to be long standing (b) be a social and not a business or professional relationship, and (c) although they may not have met for some time, when ...
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