Many people in California are thinking about the future of their respective estates. If you find yourself having these same questions, it’s worthwhile to consider everything a trust fund offers. Considering that, here are a few surprising uses for a trust fund.
Collecting money from multiple people
Chances are, you’ve heard of crowdfunding. This is a way for groups of people to lend financial support to a cause. If someone in your family needed lots of money to pay for expensive medical treatment or something else, a trust fund could collect the donations coming in from multiple sources.
Protecting minor beneficiaries
Sometimes, older individuals will leave behind some or all of their estates to minor children. If this happens, a trust fund is a good way to ensure these beneficiaries don’t access their inheritance too early. With a trust fund, you can control when younger family members receive their inheritance.
Most people want to avoid the time-consuming process of going through probate. If you want to avoid probate, it could be worthwhile to set up a trust fund. With a trust fund, you can take care of estate planning by naming who inherits any property you’re leaving behind. A trust fund also provides help to people who are leaving behind real estate in various locations throughout the nation or world.
Setting up a Special Needs Trust
If you want a way to care for a family member with a disability, consider setting up a Special Needs Trust. This kind of trust ensures that your family member receives public benefits without them risking getting disqualified for Medicaid or other forms of income.
In conclusion, there are several uses for trust funds that many people find surprising. Considering the importance of trust funds, they’re not something you want to make mistakes while setting up. If you need help determining the future of your estate, consider contacting a legacy planning attorney.