Setting Up a Trust Fund  

         A trust is a separate legal entity that is established by the owner of the company or business or individual to run the affairs after their death. It takes care of the assets and manages it, so that the beneficiaries get their due through the trust. The employees of the trust are trustees and they get a salary for running the trust fund profitably. They only have the right to control the trust fund, but do not hold the right to make any major changes to it.

          If you want to plan a trust, then you should first contact an estate planning lawyer who would do the appropriate documentation in legal terms for the trust. Establishing a trust would mean listing your wishes and preferences after you are gone. In the trust, you can state who your beneficiaries are and how the trust should be run. There are different kinds of trust.

         A living trust is very similar to a will. The will usually come into force after the persons death. However, a living trust will be enforced while the person is still alive. Also, if the owner of an organization or fund is unable to manage it due to old age or some other disability, then the trust could manage the affairs on their behalf. The owner can also act as one of the trustees in this kind of arrangement.

         Irrevocable and revocable trust is something that can be altered or terminated at the grantors will. It gives complete control.

         Trust after death is something that will take over after the person is dead.

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Setting up a Trust Fund
 

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