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No, a Family Trust is a 'Private' Trust created with rules by aowner / settlor in a Trust Deed. It does not require any approval from Government or any regulator. It however requires registration of the Trust Deed at local Sub-Registrar Office as per settlor's residence address.
So, now you know that the Trust Maker holds the most power before the Trust is established, but the Trustee holds the most power after the Trust is established.
List your assets and decide which you'll include in the trust. ... Gather the paperwork. ... Decide whether you will be the sole grantor. ... Choose beneficiaries. ... Choose a successor trustee. ... Choose someone to manage property for minor children. ... Prepare the trust document. ... Sign and Notarize.
An irrevocable trust is a trust the creator (the "grantor") cannot change or revoke. Creators give up control of the assets they put into irrevocable trusts. For this reason, an irrevocable trust can reduce estate taxes. It can also help avoid the probate process upon death.
Irrevocable trusts are generally set up to minimize estate taxes, access government benefits, and protect assets. This is in contrast to a revocable trust, which allows the grantor to modify the trust, but loses certain benefits such as creditor protection.