If you are thinking about establishing a trust fund for your loved ones to be able to receive benefits during your life or after you pass away, understanding these basics and following through by appropriately funding the trust fund is important. Although trust funds were previously associated with high net worth people as method to pass money to charitable organizations or to heirs, trusts are becoming a popular tool these days for everyone as a potential solution in estate planning. Trust funds enable individuals to put assets inside a special account to benefit an entity or another person. These could require the assistance of an attorney to set up and it is often recommended to minimize the possibility of mistakes with a Pasadena trust.
One of the primary reasons for generating a trust is to control who receives the assets. As the trust grantor you can assign assets through trust over the course of your lifetime or after death. The process of setting up a trust depends on numerous things including your assets, the kind of trust you want and the beneficiaries.
The next step is to determine the amount and type of fund that you intend to move into your trust, and this is a step that is often overlooked by many people. Trust funds can include numerous different types of assets including real estate, artworks, cash, bonds, stocks, collectibles and family heirlooms. If you have a number of different types of stipulations and assets inside your trust, consulting with a Pasadena trust lawyer could be a worthwhile investment to verify that it has been set up appropriately.