{"id":4880,"date":"2022-10-26T16:33:28","date_gmt":"2022-10-26T16:33:28","guid":{"rendered":"https:\/\/cloud03.titletapsites.com\/testblog\/?p=4880"},"modified":"2023-04-10T21:22:59","modified_gmt":"2023-04-10T21:22:59","slug":"family-vs-living-trust-difference","status":"publish","type":"post","link":"https:\/\/cloud03.titletapsites.com\/lawsite-b\/2022\/10\/26\/family-vs-living-trust-difference\/","title":{"rendered":"Family Trust vs. Living Trust: What\u2019s the difference?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Another type of estate plan is known as a &#8220;family trust.&#8221; The purpose of a family trust is to provide for the care and support of minor children after the death of both parents.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Family Trust <\/span><\/h2>\n<p><span style=\"font-weight: 400\">A family trust directs the distribution of an individual&#8217;s estate among his or her children. However, this does not automatically transfer ownership of the assets to the beneficiaries identified in the document. Instead, the trustee distributes the family&#8217;s assets according to the terms specified in the trust agreement. For instance, you can divide up the assets equally among all your children, but it gets distributed at set increments. For instance, they only get 25% when they turn 18.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Living Trust <\/span><\/h2>\n<p><span style=\"font-weight: 400\">Unlike a family trust, a living trust does not require court approval. Instead, a living trust is established by creating a document called a \u201ctrust agreement\u201d that spells out how the trustee will manage the property owned by the trust.<\/span><\/p>\n<p><span style=\"font-weight: 400\">While a living trust is a simpler alternative to a family trust, it doesn&#8217;t necessarily make sense for complex family arrangements. Or, if you are passing significant wealth to your children, you may want to divide it up differently to minimize tax burdens and avoid entitlement and work ethic issues.\u00a0<\/span><\/p>\n<p><strong><a href=\".\/what-is-estate-planning\/\">Read More About Estate Planning\u00a0<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Another type of estate plan is known as a &#8220;family trust.&#8221; The purpose of a family trust is to provide for the care and support of minor children after the death of both parents. Family Trust A family trust directs the distribution of an individual&#8217;s estate among his or her children. However, this does not&hellip;<\/p>\n","protected":false},"author":11,"featured_media":4882,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[30,40],"tags":[],"class_list":["post-4880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-estate-planning-old"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Family Trust vs. Living Trust: What\u2019s the difference? - Example Law Firm<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cloud03.titletapsites.com\/lawsite-b\/2022\/10\/26\/family-vs-living-trust-difference\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Family Trust vs. Living Trust: What\u2019s the difference? - Example Law Firm\" \/>\n<meta property=\"og:description\" content=\"Another type of estate plan is known as a &#8220;family trust.&#8221; The purpose of a family trust is to provide for the care and support of minor children after the death of both parents. Family Trust A family trust directs the distribution of an individual&#8217;s estate among his or her children. 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