What is a family trust?

A family trust is a legal arrangement that allows one or more people to use their assets for the benefit of others. Family trusts are commonly used in Kansas to provide for the care of family members after the death of someone close to them. A family trust grants a certain amount of control over the assets to the person who creates it. It also enables the trustor to control how and when the assets are used. The trustor may name a trustee to look after the trust and make sure the assets are used as the trustor wishes. Trusts are also used to avoid probate, which can be a lengthy and expensive process. When the trustor passes away, the assets in the trust are not subject to probate and will pass directly to the beneficiaries. This saves time and money for the family. A family trust is a great way to ensure that assets remain in the family and are used for the benefit of family members. It can also be used to minimize taxes and provide for the care of family members in case of death or disability. It is important to work with an estates attorney to create the trust that best suits the situation and the needs of the family.

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