The main reason people set up trust funds is to control who receives their assets.
For instance, they might want to help with a family members education or the purchase of their home.
Trust funds come in various forms and their types can differ depending on their purpose and beneficiary.
Both are created when a person is alive.
The difference between them is that revocable can be changed, whereas irrevocable cant be altered or dissolved.
Theres also a testamentary trust that comes into existence when the grantor passes away.
And a charitable trust passes down assets to charity or the general public.
Normally, they can start using themoneyonce they reach 18.
Reviewing the trust annually is also important, as laws and family situations might change.
Unfortunately, an outdated financial plan can be as good as having none at all.
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