Video: Family Estate Trust

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With the complexity of some people's assets, a family estate planning trust is a good idea. Learn about family estate trusts from a registered financial consultant (RFC) in this free personal finance video.

- Estate Planning Costs
- Estate Planning Tips

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Video Transcript

My name is Patrick Munro, financial planner. We're talking about a family estate trust. What is it? Sometimes, individuals will have put together enough assets. They have enough real estate and complexity to their lives, that they need to have an estate planning trust. A family estate trust, as it's known. What this does, is it allows the person who is at the head of the estate and normally these trusts absolutely have a name. It would be the Smith Family Trust, the Jones Family Trust and so on and so forth depending on the family's name. What happens, is that the death of the primary trustee contingent and primary beneficiaries will step forward to receive those assets and they'll be protected from taxation. They'll also be protected from other levels of infringement upon by the government. To have such a family trust setup, it's so important to work with the correct attorney. A member of the National Academy of Elder Planning Attorneys. It's a national organization. It's a very much a specialty of the law. And, of course working with a financial adviser who works with an attorney from the National Academy of Elder Planning Attorneys is an even better mix. Also, in that power team you want to make sure you have a CPA who will look at the overall financial and hard numbers of the money that is involved in the family estate trust. It's a very specialized area of estate planning. My name is Patrick Munro, financial adviser.

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Family Estate Trust

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