A family trust is a specific type of trust that families can use to create a financial legacy for years to come. There are several benefits to creating one, including ensuring your family members receive your wealth and avoiding public disclosure of trust assets.

Family trust is any trust you set up that benefits member of the family. Its often used as a legally binding agreement to establish who will receive portions of your wealth after you pass away. This type of living trust can be either revocable which means you can alter the term or cancel it entirely or irrevocable which means it is not allowed to modify the trust at all without the approval of everyone within it depending on the type. There are typically three parties involved in a family trust which are a grantor, a trustee, and the beneficiaries. The grantor is the person who establishes the trust and whose assets will be dispersed according to what’s laid out in it. The beneficiaries are the family members who will receive financial assets from the trust. A trustee is the person responsible for managing the assets in the trust on behalf of the beneficiaries.