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In that case, they would set up a revocable trust, which will distribute the assets after the child reaches a certain age. Then the beneficiary can use the assets as they wish. Then the ...
Many trusts provide for trustees to use discretion in the distribution of trust assets to beneficiaries. Often, if the grantor is particularly wary of the spendthrift nature of the beneficiaries, he or she may give the trustee extremely broad powers to distribute or not distribute funds.
Interest distributions, ... Trusts and their beneficiaries will use IRS Form 1041 and a K-1 to file taxes. The K-1 will indicate how much of the distribution was interest and how much was principal.
In South Africa, in addition to the traditional living trusts and will trusts there is a "bewind trust" (inherited from the Roman-Dutch bewind administered by a bewindhebber) [51] in which the beneficiaries own the trust assets while the trustee administers the trust, although this is regarded by modern Dutch law as not actually a trust. [52]
Revocable trusts are often used in estate planning to control and distribute assets as the creator gets older. For example, the creator can name themselves as the trustee and distribute trust ...
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).