What is a family trust?

A family trust is a legal agreement between people, typically family members, that are used to manage property and assets. This can include anything from financial assets and investments to land and buildings owned by the family. In Arizona, these types of trusts are most commonly used to provide for any family members who may lack the ability to take care of their own financial affairs. A family trust is usually established by a document that is drawn up by a lawyer or other professional. This document outlines who the trust is for and how it is to be administered. It also outlines who will be responsible for managing the trust assets and how those assets can be used. It also includes instructions on how the trust can be managed and how any profits made from the assets should be distributed. In general, a family trust gives the family members who are designated as “beneficiaries” the ability to control the use of the assets within the trust. This can be a great benefit for families who want to make sure their money is used to benefit their children, spouses, or other relatives. Additionally, the trust can also provide tax and estate planning benefits. Family trusts are an important part of estate planning and can be a great way to provide financial security for your family. However, it is important to have a qualified attorney that can assist in drawing up a trust document and helping to ensure that everyone’s best interests are taken into account throughout the process.

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