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In my pallet wall I am going to be sharing all my research on trust funds and specifically how to manage them. My viewers can expect to learn the advantages and disadvantages about trust funds and how they work. I hope this research is informative and enjoyable to read!

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Website #1: Everything You Need To Know About Trust Funds in Canada

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Website #1: Everything You Need To Know About Trust Funds in Canada

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In this website it explains what trust funds are, the types of trust funds, how Canadian trusts differ from others, attribution rules that apply to Canadian trust funds and more. This website is very informative if you are learning about and need help understanding trust funds.

I decided to include this website into my padlet wall because it provides a ton of information about trust funds. I wasn't knowledgeable about trust funds until I read this website and it gave me any information I needed to understand them. One piece of information I found useful in this website was learning about the attribution rules that follow a trust fund. I didn't even know what attribution rules were or that only apply to certain people. this website provided essential information to my research and learning of trust funds.

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A trust is a vehicle for holding and passing on the family property. As such, it typically serves at least one of two purposes: It can reduce a family's taxes by shifting income to members in lower tax brackets, and it can provide for less fortunate (or more impulsive) members by controlling how their money is disbursed.

The laws surrounding trusts differ from one country to the next. Just because there may be certain rules about trusts in the United States doesn't mean those rules apply to trusts in Canada. This article looks at some of the basics of establishing trusts in Canada and how they're maintained in that country.

What Is a Trust?

A trust is nothing more than a relationship. It occurs when one person, often called the settlor, gives property to another person-the trustee -to manage on behalf of still other people. These people are known as beneficiaries. Using the estate freeze, for instance, owners of a growing company convert their shares of the existing business into preferred stock calibrated to the value of the business and sell new common stock to the family trust that captures the company's future growth.

Depending on the type set up, a trust is not a legal entity that can enter into contracts or incur liability. As such, trusts are not particularly difficult to establish. In fact, technically speaking, most trusts don't even require a founding document. But the tax law surrounding trusts is just as complex as one might expect. An individual interested in setting up a trust should talk to a lawyer first.

How Canadian Trusts Are Different

Because of the dividend tax credit and personal tax credit, a Canadian without any other income-especially a student with deductible education expenses-could receive tens of thousands of dollars in dividends from Canadian companies tax-free.﻿﻿ But while the family trust has a well-earned reputation as a tool for the wealthy, these benefits can reach deep into the middle class. For example, a special rule known as an estate freeze can make a trust indispensable for even modestly successful family businesses. An estate freeze is one type of strategy whereby the owner of an estate transfers assets to their beneficiaries without incurring any tax consequences.

By locking in the current generation's stake at the company's current value, they can prepare for the tax liability when they die without worrying about having to sell the company. Meanwhile, the next generation can share in the company's profits through dividends allocated to the common shares.﻿﻿

Living or Estate Trust?

There are fundamentally two kinds of trusts. Testamentary trusts are created as part of a will and take effect upon the death of the testator.﻿﻿ Changes to Canadian law took away the tax advantage of setting up long-term testamentary estate trusts, making them less useful.

Any other trust, including one using an estate freeze, is a living, or inter-vivos, trust, established while its architect is still alive. A living trust can be established for a variety of purposes-the Canada Revenue Agency (CRA) has identified 33 different types of living trusts -for a variety of different beneficiaries. Some of these include:

Alter Ego Trust: This trust allows the settlor, aged 65 or older, to receive all the income during their lifetime. This person is also the only one who can receive income or capital of the trust during the settlor's lifetime.

Employee Trust: Employers in this type of trust make payments to a trustee. These are made for the benefit of their employees. Any business income acquired cannot be distributed and is taxed.

Master Trust: Among the rules involving this trust, it must never have taken any deposits, has been a resident of Canada, and can only have invested its funds.

Real Estate Investment Trust (REIT): Some of the conditions in this trust include at least 90% of the trust's portfolio must include qualified REIT properties. In addition, at least 90% of the income generated must come from rent-among others.﻿﻿

Special rules allow an individualaged 65 or olderto roll over assets into these trusts without having to pay capital gains on the assets first. Only the individual-and the partner, in the case of a joint trust-can benefit from the trust while he or she is alive. When the settlor or surviving partner dies, the trust pays tax on realized capital gains, but the property in the trust can be distributed to heirs without being subject to probate fees.﻿﻿

Mind the Attribution Rules

Though a Canadian trust is not a legal entity, it is considered a taxpayer at the highest rates under Canadian law. That is why trustees try to pass on any income earned by trust property to beneficiaries, so they can pay the taxes at their own, presumably lower, rates. But in an effort to limit using trusts for tax avoidance, Canadian tax law attributes trust income to the person who transferred the property to the trust if the recipients are close relatives.

In general, these attribution rules apply when the beneficiary is either a spouse or under the age of 18, in the case of dividend and interest income, but not capital gains. The attribution rules do not apply when the beneficiary is an adult child, grandchild, niece, or nephew.﻿﻿

Other rules attribute the income to a transferor who can effectively control, or reclaim, the assets in the trust. There are exceptions including alter-ego trusts and joint partner trusts. But otherwise, the rules make revocable trusts increasingly common in the U.S., while difficult to use in Canada.

Choose a Settlor and Trustee

The attribution rules guide these decisions. Since a transferor can't control the property in a trust, she can't be a sole trustee. The person who is transferring the property that is to be put into trust usually asks someone else to be the settlor. This may be a grandparent, perhaps, or close family friend.

There are times, however, when you must appoint someone else as a trustee such as a trust company. For example, if you want to establish a trust in another province, the trustee-or the majority if there are multiple trustees-must reside there. In other instances, you can appoint an outside trustee when you want pure independence or anticipate conflict within the family.

Decide on What Property to Transfer

A trust does not exist without some property being transferred, or as it's called, settled. The prospect or promise of making the transfer is not enough to create a trust in advance. Moreover, given the attribution rules, it may be unwise to settle a trust with the actual property that will provide income or capital to the beneficiaries, though the settling property should have some value.

If a trust's beneficiaries would otherwise trigger the attribution rules, the settlor or the individual with the real assets can avoid them by making what's known as a prescribed interest rate loan, a documented loan with an interest rate no lower than the CRA prescribed interest rate.﻿﻿

The trust can then use the proceeds of the loan to purchase the assets it will hold. For example, in the case of an estate freeze, a small loan of, say, $100, ought to be enough for the trust to buy the family company's new common shares at a nominal par value. The trust can repay the loan when it receives the first dividend check.

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Everything You Need to Know About Trust Funds in Canada

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A trust is a vehicle for holding and passing on the family property. As such, it typically serves at least one of two purposes: It can reduce a family's taxes by shifting income to members in lower tax brackets, and it can provide for less fortunate (or more impulsive) members by controlling how their money is disbursed.

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This website provides 5 reasons that someone should consider setting up a trust for their assets. It explains that you can 1. See where your money goes, 2. Do whatever you want with the assets, 3. Avoid probate, 4. Pass down more than just money, and 5. Keep your wealth a secret. This was another thing that I was wondering about trust funds versus wills and they explained their reasons well.

I decided to include this website into my pallet wall because it can provide the reasoning if you are deciding whether a trust fund is right for you. One piece of information that I found useful on this website was that trusts keep the details of your assets more private from the public eye. If you were to include your assets in a will, any prying eyes can see how much they are worth, who got what assets, etc. I think that the details in this website is different than the other websites because it is looking from the perspective of the person possibly looking to use a trust fund or a person who is receiving assets from a trust fund.

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Every Canadian wants to retire with money, but some are lucky to have a lot more than others. For those with some wealth, how best to pass it on to the next generation -- without a big tax hit -- becomes a big issue. There are many strategies one can use to mitigate taxes and make sure children are looked after, but one option that's becoming more and more popular is a trust.

A trust is a legal arrangement where money is kept in an account and administered by a trustee. The person opening the trust, also known as the settlor, can dictate exactly how that money is administered. Gone are the days where trust funds were just for snooty socialites; now, anyone with a bit of cash to pass down can have one.

Here are five reasons to set up a trust.

1. See where your money goes
Most people pass down money through a will. What fun is that? You can't see how your money's used or the benefit it has on family members. Trusts can be set up for after death too, but for this story we're talking about inter-vivos trusts, or trusts that are created while the settlor is still alive.

2. Do whatever you want with the assets
One of the benefits of a trust is that the settlor can instruct how his or her money should be distributed. A gift, which is another way people pass down money, doesn't come with any strings attached, so the people receiving the money can do whatever they want with it. That works for some people, but not for others.

For instance, you might want to help fund a grandchild's education. You can set up the trust so that a certain amount of money is released before every school year, rather than at one time. Or, if you have a spendthrift kid, you can give them money from the trust at certain times of the year.

3. Avoid probate
Assets in a trust are not subject to after-death probate taxes. While the trust will have to pay capital gains tax on investments or property that gains in value (either every 21 years or when an asset is sold), no other taxes have to be paid when the settlor dies. This could save an estate a ton of money.

4. Pass down more than just money
While most trusts contain investments or cash, you can put pretty much anything in a trust. One common asset that gets the trust treatment is property, like a cottage. It's often an easier way to get kids to share a vacation home than by letting them figure out the details themselves. That's because you can dictate a set of instructions covering things such as who gets to use it when and how taxes and maintenance are covered. The trust will pay the expenses, either out of the trust itself or by having the trustee collect cash from the kids.

5. Keep your wealth a secret
When you die your will becomes public. Anyone can find out what assets you had and who got what. That, not surprisingly, irks a lot of people, especially Canadians who have a lot of money. A trust keeps all those details private. You can do whatever you want with your money and no prying eyes will ever find out.

With a lot of wealthy boomers about to retire, trusts are becoming more popular. Understandably, people want to protect their assets and get a chance to experience the benefits of their wealth. If this appeals to you, talk to a lawyer or bank -- they can set one up. You can also appoint any trustee you want, such as a family friend, a trusted coworker or even a trust company. Whoever it is, make sure you can, well, trust them with overseeing your assets.

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5 reasons to set up a trust | Canadian Living

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Every Canadian wants to retire with money , but some are lucky to have a lot more than others. For those with some wealth, how best to pass it on to the next generation -- without a big tax hit -- becomes a big issue.

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This website provides information about who needs a trust fund, the differences between wills and trusts and how to set up a trust fund. When I was first researching about trust funds I was confused as to how they were different from wills. This website provided me that information as well as added that trusts and wills can also work together.

I decided to include this website into my padlet wall because it provided the information that most websites I saw didn't add. I really enjoyed that this website included the steps in order to set up a trust fund. If I needed to start a trust fund in the future, this would be a good place to start my research. This website was very helpful adding on to my knowledge of trust funds and how to set them up.

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Whenever you hear the word trust fund, you might envision some spoiled kid who'll never have to work a day in their life. You might think trust funds are just for the ultra-wealthy. But as with so many personal finance topics, it's more complicated than that.

Trusts can actually be helpful estate planning tools. If you want to preserve your wealth and potentially avoid having the state divide your assets upon incapacitation or death, funds held in trust might be of interest to you and your family.

What is a trust fund?

The term trust fund refers to assets that are held in a trust. In essence, the trust has funds or assets that are created by a grantor, managed by a trustee and eventually distributed to beneficiaries. Assets that can fund a trust vary and could include one or more of the following:

A trust is a rulebook of sorts that determines how your wealth and assets will be distributed to beneficiaries in a specific way and at specific milestones.

The trust itself doesn't hold any assets, per se, but it does determine how they are handled and who has access to them. People use trusts to avoid probate, reduce taxes, preserve privacy in asset transfer and give to charitable causes.

Knowing more about trusts will help you determine if this is an estate planning tool worth exploring for your personal use.

Who needs a trust fund?

Although you might think trusts are for the mega-rich, you'd be surprised at how accessible and appropriate they may be for anyone's financial planning needs. There are different types of trusts that might be best for varying degrees of net worth and asset types. The administrative costs related to setting up and maintaining each type of trust vary, too.

You should consider a trust if you have a substantial amount of assets in terms of cash, stocks bonds, real estate, and business interests. If you'll want to reduce your tax exposure and avoid the probate process while transferring your assets to your heir, then you should consider creating a trust.

How does a trust fund work?

A trust is a legal entity that is set up to manage and distribute your assets. It works through legally binding terms that dictate how your wealth is managed at various points in your life. One way to think of a trust is as a "mini corporation" that handles your money. The terms of the trust are like the corporation by-laws that determine how the trust should operate.

If you are the person setting up the trust you are considered the grantor, or trustor. As the grantor, you designate a trustee which is a neutral third party who administrates the fund's operation and distribution of assets to beneficiaries. Beneficiaries can be your individual heirs, a group of people, a corporation, or a charity.

Depending on the type of trust you have, can also be the trustee or designate one. The trustee could be one of your beneficiaries or you can choose a corporate trustee. A corporate trustee can be a trust company that has vast knowledge on matters pertaining to managing a trust.

A child can be named trustee although they would likely still need support regarding tax, accounting, and legal issues. Either way, professional help is needed to set up and administer the assets of trust. The costs associated with the management of a trust should also be considered and discussed with your financial advisor and estate lawyer.

Trusts operate differently based on the type of trust you decide to set up. Though there are many types of trust, the most common distinction is between a revocable trust and an irrevocable trust. A revocable trust remains in effect while the grantor is alive and can be changed, terminated or altered while the grantor is alive. In this case, the grantor can also be the trustee and beneficiary until their incapacitation or death. An irrevocable trust cannot be changed during the lifetime of the grantor nor cannot it be terminated upon the grantor's death. A revocable trust becomes irrevocable once the grantor dies.

The type of trust you will need is based on your goals. Formerly, a revocable trust was desirable when it came to protecting an estate from taxes. However, recent changes in the U.S. tax code have made this issue somewhat moot for the vast majority of people, as the current exemption on estate taxes is $11.4 million per individual.

Consequently, the best use for the revocable might be in the case of incapacitation. If this were to occur, you could use this type of trust to designate a trustee to act on your behalf when you are unable to do so. Another benefit of this type of trust is that it may not be subject to the probate process, allowing you to transfer assets to your beneficiaries without court involvement.

An irrevocable can be used to protect assets from creditors, taxes and even claims of beneficiaries. This type of trust can also remove assets from your estate to reduce or eliminate estate and gift taxes. This type of trust would be ideal if you've got a sizable estate-perhaps in the multi-million dollar range or more.

When setting up trusts you need to be mindful of the costs it takes to create and administer them. Because a trust can be cost-prohibitive on many accounts, you need to make sure that you've got a sufficient amount of assets to help cover those costs. You'll also want to make sure the administrative costs don't erode the value of your estate, either.

Not all trusts are expensive. For example, a simple land trust can be just a few hundred dollars to create and much less than that to maintain it on an annual basis. There are other types of trusts that you should know about, as well:

Marital trusts: This trust is designed to transfer assets from one spouse to another. The benefit of this type of trust is that assets can be transferred to a surviving spouse without tax consequences.

Charitable trust: This trust can accomplish philanthropic goals. The charitable trust allows you to give money to causes you care about when you pass away. There are different ways to set up this type of trust such as giving a lump sum or a series of payments over a certain amount of time.

Generation-skipping trusts: This trust is designed to transfer assets to your grandchildren. It will help you avoid paying estate taxes when assets pass to your children and then again to your grandchildren.

Insurance trust: Another type of irrevocable trust, is set up to be the primary beneficiary of a life insurance policy. Upon your death, the proceeds of the policy are held in trust and distributed to the beneficiaries named in the trust in increments over their lifetime or until the funds run out.

Special needs trust: This trust will ensure your special needs beneficiaries are taken care of in the case of your death. Having this trust in place should not hinder their ability to receive their government benefits.

Spendthrift trust: Ideal for beneficiaries who might be at risk for squandering their inheritance with imprudent spending habits. This kind of trust can remain in existence for a period of time after the grantor dies so that funds can be distributed over a period of time to beneficiaries rather than all at once.

How to set up a trust fund

Once you determine that you've got enough assets that warrant the establishment of a trust, it's a good idea to put your trust in place.

To set up a trust, you'll want to engage the help of both a financial planner or advisor and an estate lawyer. Your financial advisor can help you identify some financial goals along with desires you might have for your wealth once you die. They can also give you information on the various types of trusts to choose from along with ideas on what might work best for your situation.

An estate lawyer can capture these desires in the provisions of the trust known as the trust agreement. In this agreement you'll need to outline:

Wills vs Trusts

A will is another estate planning tool that can help carry out your desires for distributing your assets upon your death. A will can be much less expensive to prepare and administer but it may not have the same flexibility as a trust.

For instance, even if you have a will, a will, unlike a trust, must be "proved" in probate court upon your passing. You should also be aware that the probate process is documented on public record. As each stage of the probate process goes on, these records are updated in the jurisdiction wherein the probate proceedings take place. For some, this lack of privacy can be unsettling-especially those who expect to pass on large sums of wealth to their beneficiaries.

A trust is ideal for people want to transfer assets with privacy and with the least amount of tax exposure possible.

In some cases, a will and trust can work together. For instance, it's not uncommon for people to take title to real estate in a land trust, then give more detail around what they want to happen with the trust in the language of their will. This can work with other asset classes as well but real estate is probably the most known example of how a will and trust can work in tandem.

Last Updated May 14, 2020

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Whenever you hear the word trust fund, you might envision some spoiled kid who'll never have to work a day in their life. You might think trust funds are just for the ultra-wealthy. But as with so many personal finance topics, it's more complicated than that.

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Website #4: An Overview of The Types of Trust in Canada

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Website #4: An Overview of The Types of Trust in Canada

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This website provides more in depth information about the different types of trusts that could be available to you. It also explains the many purposes that trusts serve for holding and transferring your family assets.

I decided to include this website into my padlet wall because it goes into detail about each type of trust funds and what they are which a lot of the other websites did not do. Something that I found useful from this website was the irrevocable trust. In the article, it says that this specific type of trust cannot be changed or cancelled once it is established. I didn't even realize that that was a possibility and just assumed that it could be changed whenever the truster wishes.

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Osuji & Smith | Employment Lawyers Calgary | Business Lawyers

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If you want to do Estate planning, you must know the types of trusts available for you. A trust is a medium for holding and transferring family assets.

Trust serves many purposes. By switching income to family members in lower tax brackets, it helps to reduce taxes. It works as a safeguard to young inheritors by watching over their property until they come to the right age. It can save the property from eroding abruptly by controlling the impulsive member's payout.

What Is a Trust?

Trust is, in short, a fiduciary relationship. It occurs when one party, known as a trustor, gives the right to hold the property, known as the trustee, to manage it for a third party, the beneficiary.

Trust provides legal protection to the truster's property. It is established to make sure that the trustor's property gets distributed or spent according to his/her wish. Trust can be formed to run the charity work when the trustors are gone.

Types of Trust

There are mainly two types of trust- Testamentary trust and living trust. Every trust you see either a testamentary trust or a living trust.

Testamentary Trust

A testamentary trust is established upon the death of the testator. It is stated in his/her will. There could be more than one testamentary trust in a will.

A testamentary trust needs four parties to complete -

Settlor/Trustor: The person who wants to create trust as a part of his/her will. He/she is also known as the grantor.

Trustee: The person who manages the property of the trustor for the benefit of the third party. He is usually appointed by the settlor. The probate court may also appoint him/her.

Beneficiary: The person/persons who are going to receive the benefit of the trust.

Probate court: Well, not accurately a party, but it supervises the trustee's management of the trust.

Living Trust

A trust that is established during the lifetime of the trustor is called a living trust. It is also familiar as "inter vivos" trust. It is the type of trust that is used in estate planning. It makes the assets more easily transferable. Most importantly, it helps the trustor to avoid the delay and expense of probate.

Trust can be categorized into the following two types-

Revocable Trust

A trust that can be altered or obliterated according to the wish of the trustors is called revocable trust.

Irrevocable Trust

As the name suggests, this trust can't be changed or canceled once it gets established.

As you can see, a testamentary trust is irrevocable trust whether inter vivos trust can be revocable or irrevocable.

Now that you get an overview of the main types of trust let's dig into some important specific trusts in Canada.

Spousal trust

A spousal trust is established for the benefit of the surviving couple and the next generation. The trust may be formed to provide allowance to the surviving couple and reserve capital for the next generation.

Alter Ego Trusts and Joint Partner Trusts

These are some particular types of trusts in Canada. You need to at least 65 years old to qualify for alter ego trusts or joint partner trusts.

In alter ego trust, the settlor is only entitled to receive the income during his/her lifetime.

If the settlor makes his/her spouse or common-law partner beneficiary, then it will be called joint partner trusts.

The only difference from alter ego trust is both the settlor and spouse is entitled to receive all the income of the trust.

Both of these trusts are inter vivos trust. Only elderly Canadian people are eligible for this trust. These trusts are very popular as tax reduction policy.

Trust for individuals with disabilities

This trust can either be testamentary trust or inter vivos trust. It is used to provide lifelong allowance to beneficiaries with disabilities.

Insurance trust

An insurance trust is only for those who adopt a life insurance policy. It is established separately from a person's estate. Other aspects of trust are like testamentary trust.

Conclusion

Trust is something that you can put your trust when you are dead. That's why it's so closely associated with estate planning. If you have a clear view of types of trust, then it will be easier for your estate planning.

If you want to know more about trust or trust fund, then contact us. Our professional team is always there to help you.

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Osuji & Smith: Calgary Employment, Business & Family Lawyers

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An overview of the types of trust in Canada

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If you want to do Estate planning, you must know the types of trusts available for you. A trust is a medium for holding and transferring family assets. Trust serves many purposes. By switching income to family members in lower tax brackets, it helps to reduce taxes.

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Video #1: Advantages and Disadvantages of Putting a House in a Trust!

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Video #1: Advantages and Disadvantages of Putting a House in a Trust!

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In this video, Andrew Finney explains the advantages and disadvantages of putting your house in a trust. He also talks about the misconceptions and differences between a irrevocable trust and a revocable trust.

I decided to include this video into my padlet wall because he explains the advantages and disadvantages very well so that people can easily plan and prepare for their future and their families future. One piece of information I found interesting about this video was if someone were to become very ill, their spouse or significant other could take over their responsibilities of protecting their home and assets and manage the other persons trusts. This can happen with a living revocable trust which would be a great benefit for anyone worried about protecting their assets.

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Advantages and Disadvantages of Putting a House in a Trust!

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Video #2: Why Not to Use an Irrevocable Trust for Asset Protection

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Video #2: Why Not to Use an Irrevocable Trust for Asset Protection

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In this video, the man talks about revocable and irrevocable trusts and the benefits that may or may not be included in them. He also explains the reasoning as to why he thinks it is a bad idea to use a revocable trust because it would not protect your assets.

I decided to include this video into my padlet wall because the man talks about how revocable and irrevocable trust might not be a good idea for someone to protect their assets. Many other videos only talked about the advantages so his video provided new information that may differ how people consider using these trust funds or not. I didn't know that your assets wouldn't be protected in a revocable trust even though they can be revoked because I didn't think about anyone else coming forward to possibly try to claim my assets.

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Why Not to Use an Irrevocable Trust for Asset Protection

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In this video, they explain how trusts work, who they are for, who they can benefit, etc. they go into great detail and provide a lot of information to help someone learn more about trust funds.

I decided to include this video into my padlet wall because they include even more detail then any article or other videos I saw about trust funds and how they work. One piece of information that they provided that I didn't know of was to talk to my advisor and estate planning attorney to find out how certain trusts could help my specific situation best.

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Video #4: Protect Your Assets Using Trust Funds

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Video #4: Protect Your Assets Using Trust Funds

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In this video, Andrei Jikh talks about how to protect your assets in case of a divorce, lawsuit, etc. in the future. He also shows five documents that people will absolutely need in order to make an effective trust.

I decided to include this video into my padlet wall because he included a lot of interesting information about trust funds that showed them in a different light than the other videos did. I liked that he added the fact about how Prince didn't have a will or a trust before he died and how many random people came forward to try to claim all of his fortune. Then, the court had to reward Prince's siblings and half siblings all of his money instead of whatever Prince would have wanted to do with his money.

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This image shows the process of a trust and who the grantor, trustee, and beneficiaries are and what they are in the situation.

I decided to include this photo because I think it shows everyone involved in the trust fund process well and also what they are to the trust.

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Please click here if you are not redirected within a few seconds.

Images
Trust and Foundation Compared Side-by-Side, Which is Best?

assetprotectionplanners.com

Images may be subject to copyright.

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Please click here if you are not redirected within a few seconds. Images Trust and Foundation Compared Side-by-Side, Which is Best? assetprotectionplanners.com Images may be subject to copyright.

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This image provide basic information about the revocable and irrevocable trusts.

I chose this image because it can provide the information of different types of trusts in a easy to understand way for anyone who may be learning or looking for more information about trust funds.

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1) What did you learn about your topic that surprise you the most?
The thing that I learn while researching my topic that surprised me the most was the revocable trust. I didn't even think about a type of trust where someone else could try to come forward and claim your assets and demand them to be revoked to someone else other than yourself or someone you directed them to be handed over to.

2) Provide a real-life example of how this topic is relevant or interesting for you.
This topic is very interesting to me because my family recently inherited a farm from my Grandfather who passed away so I have been more included in estate and banking, etc. so learning about trust funds were very interesting to learn about while thinking about my family and farm.

3) If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?
I think that the most important thing to pass on about trust funds is the different types of trusts and all of their advantages and disadvantages. Everybody's situations are different so I would want to be able to provide information so that they could figure out which trust is right for them or even if they want a trust fund at all.