Blind Trust Sample For Lottery Winners
Description
How to fill out Blind Trust Agreement For Private Individual As Opposed To Government?
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FAQ
One disadvantage of blind trusts is that they can be challenging to set up. The grantor must have complete confidence in the trustee and be willing to give up control over the assets. Another disadvantage is that the grantor may not be able to change the terms of the trust once it has been established.
How to Set Up a Blind Trust Gather the documentation for the assets that you want put into the blind trust. ... Appoint a trustee. ... Create the trust agreement. ... Sign the trust and have it notarized, taking care to follow any recording laws that your state has. Officially transfer the relevant assets into the trust.
An irrevocable trust, however, gives you greater asset protection. They protect lottery winnings and investments because the assets legally do not belong to you, and they benefit your family, as they are not subject to estate taxes.
With a blind trust, the lottery winner and the beneficiaries have no idea where the trustee invests the assets. A third-party trustee claims the ticket in the name of the trust and chooses where to invest the funds. The lottery winner can name beneficiaries. They can also indicate goals for the trust's investments.
First things first, ing to experts: Keep your mouth shut. Before you broadcast your sudden windfall to the world, and even before you contact lottery officials, you'll be wise to surround yourself with a team of lawyers and financial advisers.