What is a family trust?

A family trust is a legal arrangement that allows an individual or a group of people to manage assets on behalf of someone else. The person who establishes the trust is known as the grantor or settlor, and they decide who will benefit from the trust and how. The trust is typically managed by a trustee, who is responsible for overseeing the trust assets and making sure that they are managed in accordance with the grantor’s wishes. In a family trust, the grantor may decide to use the trust funds to provide for their family’s needs, such as medical care, education, and other expenses. In New Mexico, family trusts may also be used to transfer assets from one generation to another, such as by providing for an inheritance to a family member or setting up a trust fund for future generations. Family trusts are a popular choice in New Mexico because they provide the grantors with many benefits. For example, the trust can help protect the assets from creditors, lawsuits, and taxation. In addition, the trust allows the grantors to decide how and when the trust assets will be used and who will benefit from them. Family trusts are a valuable tool for protecting and providing for the future of one’s family. In New Mexico, family trusts can be a powerful way to ensure that one’s legacy is passed down to future generations.

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What is a family trust?

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