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Creating a trust is a great estate planning tool to provide for your children. There are many different types that can become complex but creating a trust is a relatively simple process. All that you must do is fill out a:
* Valid Declaration of Trust form
* Sign over the required deeds for property such as homes and automobiles that will be included in the trust
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∙ 14y ago
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Which was the first public sector mutual fund to set up after the Unit Trust Of India?
SBI mutual fund
How do you find if a trust fund still exists that your grandfather set up for you when you were born but you were never contacted when he died?
If your grandfather's estate was probated you could go to the court and examine the probate file. You should examine the inventory for bank accounts and also examine the will for any mention of accounts or trusts that were set up for grandchildren. However, a trust may not show up at all in the estate. Check with the attorney who handled the estate. You could also ask your parents if they remember any more details about the trust fund. If they know the name of the law firm that represented him in life, or his bank, perhaps someone there could help you. His attorney may have a copy of a trust instrument. If there was a trust fund set up then there was also a trustee.
Do trust funds run out of money?
Yes, trust funds can run out of money; they can also last indefinitely, depending upon how they are managed and how they are set up. Nobel Prizes are paid for by a trust fund set up by Alfred Nobel; there is no expectation that the fund will run out and that the prizes will cease to be awarded. But funds have to be invested, and investments can do well or badly. And even if the money in a trust fund was invested wisely, that money can still be spent. For example, trust funds are often used to safeguard money for the benefit of people who are not yet adults and who cannot be trusted to spend their money wisely while they are still minors. But once they become adults (or when they reach whatever age is specified by the terms of the trust fund) they then have access to that money and can spend it. And if they can spend it, they can use it up. Of course, you could also devise a fund that only pays the interest on the fund, and never pays out the principal. That kind of fund can potentially last a long time, but again, only if the investment decisions are wise.
how can i locte a trust fund my father set up for my son?
There is no single trust database; rather, each trust is under the control of the trustee, such as a bank or investment firm. The only solution is to call every financial institution your father might have been involved with.
Where could one set up trust funds?
You can set up trust funds with an attorney, who will organize everything. You have to pay them a fee, then meet and arrange conditions of the trust. Then the money is handed over to them to look after.
Do I pay taxes if I set up a trust fund for someone?
You do pay taxes if you set up a trust fund for someone. Depending on the type of trust, the money can be sheltered in some tax free forms but in general the person receiving the trust fund will eventually pay taxes even on those types of shelters.
Which was the first public sector mutual fund to set up after the Unit Trust Of India?
SBI mutual fund
How do you establish a training or educational trust fund to be managed by a board of trustees?
Trust funds are set up by lawyers.
How can you start a child trust fund right now?
The best way to get a trust fund for your child is to contact a professional. You'll need to consider what your goals are for the fund. These goals should be realistic and take into account what assets you have, your income, and what financial goals you have for yourself.
How do you withdraw money from a trust fund?
The method you use to withdraw money from a trust fund will be spelled out in the original documents from when the fund was set up. Unless you have complete control of the fund, you must follow the steps laid out in the paperwork. If you have complete control, you can fill out withdrawal documents and present them to the bank that is holding the fund.
Is a trust funded by life insurance policy after death of trustor?
A life insurance policy is an excellent way to fund a trust. Any way of placing necessary funds into the trust are acceptable. If you have cash and wish to fund it with cash this is fine. Life insurance is a good way to fund a trust because you can pay premiums and be assured that the money will be there when you die to fund a trust that you want to set up for someone.
What can you do and not do in a personal trust fund?
There are many different ways of setting up trusts. The specifics can have major tax and probate consequences, so you should consult a trust attorney to set it up.
If you set up a trust fund to look after an aging parent what happens to the balance of the trust fund once the parent dies?
Once the parent dies, the balance of the trust fund depends on the terms and conditions outlined in the trust document. It can be distributed to the named beneficiaries, such as other family members or charitable organizations, or it may be specified to be used for specific purposes, such as covering funeral expenses or paying off outstanding debts. The distribution would be carried out according to the instructions provided in the trust.
How do you protect an inheritance to your son from a present or future spouse or domestic partner?
You need to put the inheritance into a trust account--If you have children put the kids on the account. That is a very touchy issue.
Can you acquire a mutual fund for your children?
Yes you can set up a mutual fund for your child. You will need their proof of guardianship as well as their social security number.
Can a trust fund be used to pay for the child's school fees?
You need to review the provisions of the trust to determine how the funds can be used. Generally, a trust set up for a child allows expenditures related to educational needs.
Can a child's trust fund be stolen?
It depends on the type of trust and how it was set up. If it is irrevocable, it cannot be changed except by a court. The person that set the trust up may be able to make changes to it. In most cases the beneficiary will not be able to change it. In some trusts, there are clauses that allow for it to be dissolved if the trust meets certain requirements, or the beneficiary reaches a certain age.
