How Do You Set Up A Family Trust Account?
A family trust account, also known as a family trust fund, is essentially a pooling of one’s assets (such as cash, real estate, stocks and bonds) set up by a person for the benefit of some or all of her family members. A trust fund can be implemented when the founder is still alive, or it can be created after the founder’s death. Trust funds are typically accounts held in a bank and managed by an attorney or law firm; however, this arrangement is not required. Trusts can be set up by any person as long as they understand the basics of what constitutes a trust. Choose a trustee. The trustee of your family trust is in charge of managing it, keeping bank statements, tax returns and all other documentation regarding the trust. The trustee is responsible for knowing what goes in and out of the trust during its lifetime, and to whom funds are transferred. The trustee can be a lawyer, or it can be someone you trust who is savvy about handling money and investments. You may be one of the trust
