Who are the beneficiaries of an educational trust?

Who are the beneficiaries of an educational trust?

In the trust document, the grantor names a trustee and beneficiaries, and also states how trust money is to be used. If the trust will become operational immediately (see below about this), then the grantor “funds” the trust by transferring property into it.

Can a trust be set up for Education?

If you want to set aside money to pay for a loved one’s education, you could set up an educational trust. An educational trust specifies that trust funds are to be used for education. In the trust document, the grantor names a trustee and beneficiaries, and also states how trust money is to be used.

How are educational trusts used in tax planning?

Two basic types of educational trusts may still be useful for tax planning. A Health and Education Exclusion Trust (HEET) can be used to pay for the educational or medical expenses of grandchildren with two primary tax benefits: (1) a HEET funded during a grandparent’s life can be part…

Who are the beneficiaries of a trust deed?

A trustee’s duty is to manage the property, distributions, income, and capital allocations for these beneficiaries, subject to the trust deed. A beneficiary is a taxpayer, individual, or corporation that is eligible to receive income and/or capital from a trust.

In the trust document, the grantor names a trustee and beneficiaries, and also states how trust money is to be used. If the trust will become operational immediately (see below about this), then the grantor “funds” the trust by transferring property into it.

If you want to set aside money to pay for a loved one’s education, you could set up an educational trust. An educational trust specifies that trust funds are to be used for education. In the trust document, the grantor names a trustee and beneficiaries, and also states how trust money is to be used.

Where can I get a list of beneficiaries for a family trust?

Contact the attorney directly. Provide the name of the settlor and request a list of the trust’s beneficiaries. Family trusts are filed in probate or family court. Records may also be available at the County Recorder’s Office or the County Assessor’s Office.

Can you limit the number of beneficiaries in a trust?

Unless your father had some specific advice when setting up the trust to limit the beneficiaries it would be odd to limit them by excluding your children and possibly your wife as the trust would be set up to last potentially 80 years.