Should I Set Up A Trust For My Child
Description
How to fill out California Living Trust For Individual, Who Is Single, Divorced Or Widow (or Widower) With Children?
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FAQ
A trust fund is a legal entity established for the purpose of holding assets for the benefit of specific people, or even for an organization. Children are frequent beneficiaries of trust funds because trust funds can safeguard your assets and make sure they are used for your children's stewardship.
Assets that should not be used to fund your living trust include: Qualified retirement accounts ? 401ks, IRAs, 403(b)s, qualified annuities. Health saving accounts (HSAs) Medical saving accounts (MSAs) Uniform Transfers to Minors (UTMAs) Uniform Gifts to Minors (UGMAs) Life insurance. Motor vehicles.
For a revocable living trust to take effect, it should be funded by transferring certain assets into the trust. Often people fund a living trust with real estate, financial accounts, life insurance, annuity certificates, personal property, business interests, and other assets.
Trust is preferable over a Will because the assets that are in the Trust are non-public assets. Example: If you take your house and you transfer it into the Trust and your parents passed away, then you don't have to open an estate to transfer the asset, and it remains confidential.
Consider a lifetime trust. First, if you give your children the right to withdraw trust money, it becomes their own money and is subject to their creditors as well as their divorcing spouse. Keeping the monies in trust for the child's lifetime will provide better liability protection.