Is there more than one type of trust

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Reference no: EM133209038

Question - Your client comes to you and asks you to create trust and possibly a Will, and that he is unsure of what he may need. These are his objectives: He wants a trust into which he can transfer his assets, and then be able to move the assets around as he wishes. He says that he wants to make sure he and his wife receive the benefit of the assets. He also states that he wants to take care of his children but is unsure if they would need a separate trust or could they also receive the benefit of the trust with him and his wife. One caveat regarding his children, he also wants to be the one to distribute some of the trust assets over time to his children on an as-needed basis. He further states that he's thinking about some language that provides that any real estate goes to his wife, then to his children, then to his children's children and so on. In other words, he would like to keep the real property trust assets in the family forever.

Then, based on the reading and your new-found knowledge of the various types of trusts and the rules regarding them, answer the following:

What do you recommend for the client? Is there more than one type of trust that you might recommend?

What are the advantages and/or disadvantages of the trusts you recommend for the client?

Is there more information you may need to know from the client, and if so, what?

You must use the facts to answer these questions. Make sure you discuss revocable and irrevocable trusts in your answer (as the different trusts are either revocable or irrevocable so do not just say that you recommend one or the other-which type?). Describe the essential elements of a trust and whom you recommend should serve in the particular roles (remember to define the roles). Citations from your text are required. You may use citations from other approved sources as per the course instructions to enhance your answer.

Reference no: EM133209038

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