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

Asked over 1 year ago - Fayetteville, NC

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

Attorney answers (3)

  1. Cheryl K. David

    Pro

    Contributor Level 15

    7

    Lawyers agree

    Answered . 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.

  2. Steven J. Fromm

    Contributor Level 20

    6

    Lawyers agree

    Answered . 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... more
  3. Eric Jerome Gold

    Pro

    Contributor Level 19

    5

    Lawyers agree

    Answered . 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... more

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