If your situation is similar to any of the above cases, a Trust can solve your concerns efficiently. There are various types of Trust those can be created and managed according to your situation and need. For example:

a) A Living Trust – This type of Trust will work during your lifetime and will work as per the defined lines and following instructions. This is applicable in case a special child or assets are beyond manageable limits or philanthropy needs.

b) A Testamentary Trust – This type of trust takes up the assets following the Will, as per conditions. The duties and responsibilities are defined during the author’s lifetime and single or multiple trustees are appointed when the trust deed is written. These types of Trust are needed if a single parent dies before the children attain financial independence.

c) A Determinate Trust – The author determines exactly how the Trust will take care of the property and distribute the income. This type of trust may be necessary to take care of a married daughter’s uncertain future.

d) A Discretionary Trust – A minor child’s future education fund can be transferred to this type of Trust and the trustees may need to take a call about the future fund flow depending on the need of the beneficiary.

e) A Revocable Trust – This type of trust gives the right to the author of the Trust to revoke the Trust if it does not function effectively during the author’s lifetime or its purpose has ended. For example – a trust built to serve a specific purpose like a child’s education or marriage will need to be revoked once the purpose is served, or the child does not marry at all for whatever the situation may be.

f) An Irrevocable Trust – This type of Trust can not be revoked. A Charitable Trust, built with funds transferred with income tax benefits, will always be irrevocable.

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