Creation of Family Trust
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Trusts may seem like a channel for the wealthy; there are actually many benefits to creating them, even if you're not millionaire.

Trusts can help you manage your property and assets, ensure they are distributed according to your wishes, and save your family expenses, time and cumbersome paperwork.

The Trust holds property or assets for a benefit of a person called the beneficiary. The Trust is controlled by a Trustee. Either you can be the Trustee or you can assign a trusted family member or a friend as a Trustee.

The trust can be a valuable planning tool for your family if:

  • You have a large real estate portfolio, an art collection or a business;
  • You want to leave your assets to your family in a manner that is not directly and immediately payable to them upon your death. For example, you can specify that they receive the proceeds in parts, or upon meeting certain conditions such as attaining certain age.
  • You want to support your surviving spouse or mother, but also want to ensure that your wealth goes to your person of your choice (e.g., your children from a first marriage) after your spouse.
  • You would like to make a provision for a disabled relative

The main advantages of creating a trust are:

  • Trusts offer flexibility in how your assets are distributed. You can specify in detail how your wealth is to be distributed to beneficiaries. For beneficiaries who can not make good financial decisions, a trust gives you the choice of distributing funds to them in smaller, regular amounts instead of one large one time payment, so the beneficiary can't spend all the money at once.
  • A Living Trust can help clarify how difficult-to-divide assets should be distributed. This can be highly beneficial in case of real estate. A living trust can clearly spell out how property should be transferred after one’s death, who inherits the property, who has the right to use it and under what conditions, if the property can be sold, and how the proceed of sale should be distributed;
  • A Charitable Trust is a popular way to donate to charitable organizations of your choi
  • A Trust is a better tool for complex transactions as it provides greater protection than a Will against legal action from anyone who is not happy with the distribution of assets and decides to challenge it.