How to Find Family Trusts

If you want to protect your family, consider creating your own family trust

A family tust is a legal document stating how your assets should be managed while you are alive, and how they should be distributed upon your death. Family trusts are becoming common tools in estate planning. One of the main reasons a family trust is established is to avoid probate. Since the trust keeps the division of assets out of court, finding out if your family member established a family trust can be challenging.

Instructions

1. Ask a relative. If you were named as a beneficiary in a family trust, the trustee must contact you. The trustee will not be able to touch funds that are named to you in the trust, even if you are underage. The assets would remain property of the trust until legal age is reached.

2. Search financial records. Your relative is likely to have records of the family trust. Look for documentation from the financial institution where the trust was created. Locate any papers related to the trust or transfer of assets. Look for a business card from an attorney or financial planner.

3. Contact financial institutions in the relative's home town. If your family member has a living trust, chances are it was created at a local bank. Begin by contacting institutions locally. While they may not be able to provide you with much information, they may be able to confirm the existence of a family trust. Be prepared to provide the proper identification and answer security questions.

4. Check tax returns. Even though you are not required to register a family trust, if it earns income, it must be reported to the Internal Revenue Service (IRS) and taxes must be filed. If there is a trust, tax returns and property deeds would be in the trust's name.

5. Check the hospital. If your relative entered a hospital before passing, they would be asked to name emergency contacts and asked to designate someone to make decisions regarding health care. Depending on the level of capacity when admitted to the hospital, they may have put the family trust on file.

Tips & Warnings

• If you cannot find a family trust, try checking to see if the individual created a will. If your family member had an attorney create a will, it is likely to be filed with the local county clerk. Upon the individual's death, the will becomes public record.

References

• IHC: Establishing a Family Trust

Resources

• Create My Living Trust: Complete Living Trust Forms