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One of the key elements of estate planning is establishing a trust fund, a special type of account that holds assets on behalf of a person or organization. Through a trust fund, you can pass assets to other people and create stipulations about how the money can be accessed. For example, you can put money in a trust for your grandchildren that they will not be able to access until they turn 30. You can also place restrictions on how the money can be used. A trust could be created solely to cover educational expenses, for example.

Trusts follow both the wishes of the creator of the trust (also known as the grantor or trustor) and the laws of the state. Different states have different laws about trusts, so it is important to work with a knowledgeable local attorney when creating one. Trusts offer a number of significant advantages, which is why they are so essential to estate planning. These advantages…

About

Robert Ryerson

Robert Ryerson authored the 2016 book What’s the Deal With Identity Theft?: A Plain English Look at Our Fastest Growing Crime.

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