What kind of trust does Suze Orman recommend?

Everyone needs a living revocable trust, says Suze Orman. In response to several emails and tweets asking why a trust is so mandatory, Orman spells it out. "A living revocable trust serves as far more than just where assets are to go upon your death and it does that in an efficient way," she said.

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Georgia
Fulton
Pot Testamentary Trust

Fulton Georgia Pot Testamentary Trust

Name: Fulton Georgia Pot Testamentary Trust
Brand: US Legal Forms
Rating: 4.62 (393 reviews)

Category:

Trusts - Testamentary

State:

Multi-State

County:

Fulton

Control #:

US-13229BG

Format:

Instant download

Description

A Pot Testamentary Trust is a testamentary trust set up for more than one beneficiary, typically children. The purpose of a Pot Testamentary Trust is to keep the funds in one pot until a later event. For example, at the death of the parents, the assets may be kept in one pot until all the children have graduated from college or reached age 21.

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FAQ

Living trusts and testamentary trusts A living trust (sometimes called an inter vivos trust) is one created by the grantor during his or her lifetime, while a testamentary trust is a trust created by the grantor's will. Only a funded living trust avoids probate court.

A Testamentary Trust is often a simple trust for taxes purposes. Generally speaking this means the trust cannot generate income, be designated for charity, or distribute out of corpus.

A testamentary trust is created to manage the assets of the deceased on behalf of the beneficiaries. It is also used to reduce estate tax liabilities and ensure professional management of the assets of the deceased.

Trusts are a crucial element to Estate Planning as they help provide more control over asset distribution after death. Among the various types available, a Testamentary Trust can be one of the best options for those thinking of their young children or grandchildren.

You can name your own testamentary trust as your beneficiary by including it on the beneficiary form in the following format. You cannot name someone else's testamentary trust.

A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs, if something should happen to you.

Everyone needs a living revocable trust, says Suze Orman. In response to several emails and tweets asking why a trust is so mandatory, Orman spells it out. "A living revocable trust serves as far more than just where assets are to go upon your death and it does that in an efficient way," she said.

Generally, testamentary trusts are created for young children, relatives with disabilities, or others who may inherit a large sum of money that enters the estate upon the testator's death.

More info

Family "Pot" Trust – In a family or pot trust, all assets are managed together for all the children. Under this arrangement, property is left to two or more children in a common fund.Library users logged in over one million computer sessions in the past year alone.

Fulton Georgia Pot Testamentary Trust

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How is a testamentary trust different?

Is a testamentary trust a simple trust?

What is the purpose of a testamentary trust?

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Can a testamentary trust be a beneficiary?

What is a pot testamentary trust?

What kind of trust does Suze Orman recommend?

Is a testamentary trust an inheritance?

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