A trust is a fund or property owned legally by a trustee (named by the creator of the trust (in this case grandpa), but held for the benefit of the beneficiary (your husband). The assets are to be used as specified in the trust document. It might be a spendthrift trust, where the trustee controls the use of the trust corpus (money or property) so that it is safe from the irresponsible behavior of the beneficiary. It could be a generation skipping trust, where the trust proceeds are used for one generation, then the corpus goes, free of the trust, to the next generation. You'll have to look at the trust document to see what provisions and limitations grandpa built into the trust.

AND, trusts can be revocable (grandpa, if alive, can revoke the trust; or they can be irrevocable. Trusts can be made by living people (intervivos) or can take effect upon death (testamentary).

Answered by S.A.CablesAge : 61 1 month ago Report Abuse Edit Delete

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Answered by S.A.Cables 1 month ago