In California, there are many laws governing trusts. Who are they used for? Who can they benefit, and how can you set one up? These are just a few of the valid questions you may be asking yourself. Today, we will examine who can benefit from a trust.
FindLaw carefully examines the different types of trusts that can be formed. From looking at that, the groups of people or individuals who can benefit from a trust can be determined. Most of these beneficiaries are unable to manage their own finances for one or more reasons. Some such people include:
- The elderly
- People with developmental disabilities, mental disorders, or other handicaps
- People who have suffered from traumatic brain injury
As you can see, the age of people who can benefit from a trust are all across the board. Common examples include underage children who inherit sums of money and are not able to make sound financial decisions on their own yet, or an elderly loved one who may not remember to pay bills on time and need someone else to manage it for them.
In addition to individuals, groups can also benefit from trusts. For example, you could leave the beneficiary of a trust as a charity or non-profit organization of your choosing. You can even leave a trust to benefit the public good.
Your options when it comes to trusts can be varied and vast. For this reason, having a little guidance from an attorney can go a long way to helping you decide what to do.