What is a family trust?

A family trust is a type of trust created to benefit family members. It is often used for estate planning and asset protection. In Kansas, a family trust is created when a person (the settlor) transfers assets to a trustee. The trustee then holds and manages the assets for the benefit of the settlor’s family, including their relatives, heirs, and even future generations. Family trusts have many benefits, such as protecting assets from creditors, safeguarding assets during probate, and reducing taxes. They can also be used to provide for family members who are minors or disabled. The trust document will provide instructions on how the trust should be administered, including when and how the beneficiaries may receive payments from the trust. Family trusts can be established during the settlor’s lifetime, or they can be created under a will. When a trust is established during the settlor’s lifetime, assets can be put into the trust without going through probate. This can be beneficial since it reduces the complexity and cost of settling the estate. Overall, a family trust is a great way to protect assets and provide for future generations. It is a smart way to make sure your family’s needs are met while avoiding costly administrative processes. In Kansas, an experienced estate attorney can help you understand the intricacies of setting up a family trust.

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