The main answer to the question “Why do I need a trust fund?” is to provide enough funds to my beneficiary for his expenses until the right time. The remaining amount or other assets can be given at a specified time when it is assured that the beneficiary is matured enough to handle the assets. It assures, me, the grantor that the beneficiary is well-provided even if something happens to me. It is a more sustainable support rather than just leaving the assets in the last will and testament.
Why do I need a trust fund for my child? The most common type of trust funds is given to children by their parents in case something happened to them. Other grantors are grandparents and some aunts or uncles who do not have their own children. Commonly, when the child is still very young, a trustee is appointed to handle the child’s funds until the child matures. The trustee is usually the parent or the guardian and in some cases, the grantor’s lawyer. The term “trust fund baby” has been used for people who had trust funds to take care of their daily expenses since they were a baby. And most of the time, they never had to lift a finger to buy or get something. But we cannot stereotype them because there are trust fund babies that strive to prove people wrong and try to make their own money.
Why do I need a trust fund for my family? There are social security trust funds that provide money for the workers’ family when they die in work or have disabilities. The funds are taken from the monthly salary of the worker for several years. When the time comes that something happened to the worker, his beneficiaries, usually the wife and kids are given a large amount of money one time or an adequate amount of money per year or per month to cater for their expenses. This is usually the case when the grantor is the bread-winner. For more information on helping your family visit Fridge Door.
Why do I need a trust fund for myself? Trust funds are not only for beneficiaries. There are trust funds that you can provide for yourself. So you can buy HCG Diet Drops for Less. This is usually applicable to retirees. The funds are taken from salaries in all the years that you have been working. So the longer that you are working, the larger your trust fund is. This allows the retirees to not worry about their future, even if they are not already receiving any salary.