A family trust is the relationship in which trustees are obligated to be responsible for a property for someone else's benefit (beneficiaries).
The beneficiaries do not receive a fixed amount from the trusts, instead it is in the trustee's discretion and judgment which beneficiary shall receive what amount of money.
But the beneficiaries are only those who have been included in the trust deed. You can hire family trust in California,trust funding and probate attorney,tompkins-law estate planning attorney for legal guidance.
To further understand the family trust, let us know what are the important roles included in the family deed. The settler is the person responsible for putting-up the sum or property in a trust for the beneficiaries.
The trustee is the one responsible or can be the owner of the money or property in the trust. Though he cannot have the benefits, he will be the one to sign all papers and documents regarding the trust.
The appointer is the one responsible for appointing beneficiaries of the will. He can also remove one beneficiary and appoint another. This usually happens when a trustee is experiencing bankruptcy, or has died. The appointer is named in the trust deed.
The beneficiaries are the one that accepts the benefits from the property or the money in the trust. They actually do not have interest on the property yet, until such time that the trustee makes the decision to distribute the money or property. Not all beneficiaries named in the trust will receive the amount.