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How do I go about opening a simple trust to house my money until I make more decisions on where to invest

Fayetteville, NC |

Money coming in and need to know if a simple trust is sufficient.

Attorney Answers 3


The trust will be part of your future estate plan, but first I would recommend discussing your investment strategies and goals with a certified financial planner. The planner will be able to work with you to make sure the your money is invested to accomplish your personal goals. Estate planning should be part of this strategy and a trust may be the answer or it may not. Seeking the advice of an estate planning attorney will be an important part of your plan, but the money your receiving should be properly invested. Therefore, I would recommend two appointments, one with a financial advisor and one with an estate planning attorney.

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Steven J. Fromm

Steven J. Fromm


You would be well served to contact Ms. David for estate planning if she is nearby.


Ms David offers sound advice. A trust is part of an overall estate plan and you need to sit down with an estates attorney to get a specific plan based on your situation. A "simple" trust has a particular tax meaning and definition and it may not be what you think it is; namely, all income must be distributed to beneficiary. If by simple you mean easy or basic this really does not exist when it comes to trusts as they can provide for many situations and are tailored accordingly. Get with an estates attorney to see what is involved.

LEGAL DISCLAIMER Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is , his website is and his blog is <> Mr. Fromm is ethically required to state that the response herein is not legal advice and does not create an attorney/ client relationship. Also, there are no recognized legal specialties under Pennsylvania law. Any references to a trust, estate or tax lawyer refer only to the fact that Mr. Fromm limits his practice to these areas of the law. These responses are only in the form of legal education and are intended to only provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that if known could significantly change the reply or make such reply unsuitable. Mr. Fromm strongly advises the questioner to confer with an attorney in their state in order to ensure proper advice is received. By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction, who is familiar with your specific facts and all of the circumstances and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question. Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency.

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Attorneys David and Fromm both offer solid advice. At this point, you should consult with a local estate planning attorney and a certified financial planner (CFP) so that you can create a comprehensive estate plan that will allow you to accomplish your goals while providing you with a measure of protection.

** LEGAL DISCLAIMER ** My response above is not legal advice and it does not establish an attoreny-client relationship. When responding to questions posted on Avvo, I provide a general purpose response based on California law as I am licensed in California. In reviewing my response, you are specifically advised that your use of, or reliance upon any response I provide is not advisable. I do not have all relevant background details or facts related to your issue / matter, thus I am not in a position to give you legal advice. Further, your review, use of, or reliance upon my response does not establish an attorney-client relationship between us nor does it qualify as a legal consultation for any purpose. For specific advice regarding your particular circumstances, you should consult and retain local counsel. Law Offices of Eric J. Gold Telephone: 818-279-2737 Email: service@egoldlaw.con

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