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A trust is a legal relationship in which the owner of ... (for example in family proceedings). ... the basic notion of a trust has been implemented in strikingly ...
Family trusts are meant to live beyond the grantor's life. A family trust has an extended lifespan that enables it to distribute assets based on designated milestones (ie., marriage, having children).
An inheritance trust – also known as a family or testamentary trust – is a legal arrangement designed to manage and protect assets for the benefit of heirs or beneficiaries after the grantor ...
Trust Basics A trust is simply a legal vehicle which can be filled with myriad assets, including cash and physical holdings. The person who creates the trust is known as the grantor.
It is not unusual for an individual to serve as trustee alongside a bank trustee. Both individual and corporate trustees may charge fees for their services, [33] although individual trustees typically serve gratis when they are part of the settlor's family or the settlor him/herself. The term "co-trustee" may fool either the bank trust officer ...
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).