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A family trust is a legal device used to avoid probate avoid or delay taxes and protect assets.
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Quite simply a family trust may refer to any trust created with family members as its beneficiaries.
A family trust is any type of trust that you use to pass on assets to one or multiple family members.
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Anytime you talk about trusts there are a few terms to make sure you understand.
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A family trust is also called a revocable living trust and is established with a legal contract called a trust document.
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A family trust can be set up in two ways.
A trust is a legal entity that you can put your money and assets into so that you can then pass it on to one or multiple beneficiaries typically after your death.
Revocable and irrevocable living trusts.
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Creating a family trust is an effective way of managing family assets.
It is used to avoid probate delay taxes and to protect your family s assets.
While a family trust can be a testamentary trust one set up under the terms of your will that comes into being upon your death in most cases a family trust for estate planning purposes is a living.
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A family trust is a legal device set up to benefit family members most commonly your spouse and or your children.
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Set up through a last will and testament which means it will only come into existence upon the death of the grantor and probating of the will.
There are two common types of family trusts.
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