Related Definitions
What is a Family Trust?
A family trust is a legal agreement that grants a third party, or fiduciary, the authority to hold and manage assets for the beneficiaries of an estate, who are family members of the trust creator.
A type of revocable trust created to manage and distribute family assets, typically established to ensure privacy, avoid probate, and facilitate the smooth transfer of assets among family members. Family trusts can also provide for minor children, protect assets from creditors, and reduce estate taxes. By placing assets in a family trust, the grantor retains control during their lifetime and can specify how assets are to be managed and distributed upon their death.
Serving as Trustee?
RMO offers comprehensive legal support for trustees to ensure proper administration and help navigate issues that may arise.
Serving clients across California and Texas
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Insights and advice on trust and probate estate litigation from our blog.
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