There’s nothing more unsettling than fearing the financial security of your family, especially if you’re the breadwinner. After your demise, you can never be sure if your family can get on by themselves, and if your assets will be properly managed. Because of this, more and more people want to know how they can protect their assets, and at the same time secure their family’s future when they are no longer there to oversee them.
Having a trust fund is one of the ways you can make sure that your family and assets will be taken care of after your demise. In a trust fund, you declare the assets that you want a family member to inherit, and appoint a trustee to manage those assets and ensure that they are used wisely. Here’s how you can set up a trust fund:
- Prepare the documents and sign necessary papers. When you have chosen a trust fund and a trustee and a successor trustee, meet your financial advisor to discuss the documents you need for setting up a trust fund. Gather the documents that you need and sign all the papers necessary papers to set up your trust fund. Make sure to follow the instructions given to you by your financial advisor for hassle-free processing.
Aside from choosing a type of trust fund, make sure to clarify to your financial advisor whether a trust fund is revocable or irrevocable. A revocable trust fund allows you to change the contents of the agreement indicated in the trust fund. An irrevocable trust fund, meanwhile, doesn’t allow you to change anything on the trust fund once the documents have been processed.