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How long does a family trust last?

Family trusts are meant to last for the lifetime of the grantor and are typically distributed to beneficiaries and closed within a year after the grantor's death. But, depending on the type of trust you choose, they can continue for many years after the grantor dies.

What are the disadvantages of a family trust?

Another downside of family trusts is that you will lose control over the assets that are placed in the trust. Once the assets are transferred into the trust, you can no longer sell them or use them as collateral for a loan. Family trusts are subject to a high tax rate.

What are the benefits of a family trust?

A family trust can offer many benefits that could help you manage and protect your family’s assets effectively. Here are seven general advantages to consider: Asset protection: One of the key advantages of a family trust is the protection it offers against creditors and legal claims.

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