Can different beneficiaries be paid out differently from the same trust fund?

Can different beneficiaries be paid out differently from the same trust fund?

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Madison
Assistant at Parklin Law

There are a number of reasons to create a trust fund. One of the most common is to provide for your family members in case you pass away and leave them with no source of income. But one thing that some people don't realize is that different beneficiaries can be paid out differently from the same trust fund. For example, you can set up a trust that pays out $250,000 to your son and $175,000 to your daughter—as long as it's all from the same sum of money. In other words, if your nephew is also named as a beneficiary, he'll receive only what's left over after the two children have received their specified portions.

The structure of a trust fund is one of the most important parts of planning for its use; if it's not written correctly and carefully thought through, it could be difficult (if not impossible) to get the money out.

When it comes to dividing up money from a trust fund, some people assume that it's a simple matter of cutting the pie so that everyone gets an equal share. But, in reality, it's a lot more complicated than that. There are many ways to divide up a trust fund, and the method you choose will depend on the individuals involved, their relationships with one another, the terms of the trust and other considerations.

If you have any questions or in need an Estate and Trust Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More

Parklin Law - Estate Planning

5772 W 8030 S, # N206

West Jordan UT 84081

(801) 618-0699

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Parklin Law
Estate Planning Attorney in West Jordan
https://parkin-law.business.site/

40.605070, -112.027530

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

Location: Ephraim, UT 84627, USA

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