When you want to provide for a family member after you pass away, one option is setting up a trust fund. Some people set these up for their children, but you can also set up a trust for a niece or nephew if you choose to. These arrangements are not just reserved for immediate family members. A Washtenaw County trusts attorney can help you get everything set up.
What Kind of Trust Fund Can I Establish for My Niece or Nephew?
We can help you figure out what kind of trust fund works best for you and your family. Some people like to set up a living trust, allowing them to dole out assets to their loved ones while they are still alive. If your niece or nephew has special needs, a special needs trust could provide for them without causing them to lose any benefits. It’s good to take time to sort through all of your options.
Who Would Be In Charge Of the Trust Fund?
You would want someone responsible to be the trustee for this fund. This can be the niece or nephew themselves if they are old enough and adept at managing money. You can also select their parents or another responsible relative. If those aren’t good options, a “professional” trustee like a lawyer or bank could also work.
Should I Tell Family Members About My Plans?
It’s often a good idea to inform family members about your plans to set up a trust fund for your niece or nephew. Your plans could affect their parents’ plans for saving and leaving behind inheritances. They might even already have plans to establish trust funds for their children.
Can I Leave Money to An Existing Trust?
If there is already a trust fund set up for your niece or nephew, you can also leave money to that trust. This is a good idea if their parents or grandparents have already set up a trust for them. There’s no reason to give them multiple trusts to manage, unless your terms for dispersing assets are going to be quite specific.
Do I Need a Lawyer to Establish a Trust Fund?
It’s often easier to set up a trust fund with the help of a lawyer. You may be able to find tutorials about trusts online, but this is a serious matter. You don’t want to worry about making mistakes that could jeopardize your niece or nephew’s access to their inheritance after you are gone. An experienced lawyer can make sure that everything has been done properly. They can also inform you about different types of trusts and their benefits.
Schedule a Consultation Today
If you are ready to set up a trust fund for any family members, let us assist you. Contact Collis, Griffor & Hendra to schedule a consultation with our team. We would love to help you find the best estate planning options.
