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A trust fund is a legal entity that holds and manages assets on behalf of another individual or organization. A will, on the other hand, is a legal document that directs the distribution of assets ...
A family trust has an extended lifespan that enables it to distribute assets based on designated milestones (ie., marriage, having children). It can also fund the special needs care of a loved one ...
And if you like the idea of protecting your family's privacy, then I suggest that you meet with an estate-planning attorney to discuss your options for setting a living trust up.
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.
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
You should also know that placing assets into a living trust won't necessarily benefit you from a tax perspective. Assets you place into the trust are subject to whatever taxes you'd normally have ...
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