A Phoenix family trust, also known as a revocable living trust, is a document that allows a person to re-title their assets in a way that gives them control over it while living and then allows said asset(s) to pass to another person upon death. It is one aspect of estate planning in which it pays to work with a professional in order to ensure that it is set up properly and provides the best possible benefit. Part of this process is knowing who is involved in a family trust.
The parties involved in a Phoenix family trust include the settlor, which is the person that has created the trust. This is the person that chooses which assets will be included within it and who will be the beneficiary of the family trust. The next person involved in the trustee, which can be the same person as the beneficiary. This is the person in charge of managing the trust, so it is sometimes a better idea to choose someone that is independent, such as a lawyer. Finally, there is the beneficiary, or the person that will benefit the assets in the trust upon the passing of the settlor. This helps the assets to avoid probate, which is the main benefit for setting up a Phoenix family trust.
“by Kandice Linwright” at Google
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