As a minimum you would have an independent trustee, plus two (frequently husband and wife).
Husband and wife and children are the beneficiaries.
The trustees manage the assets (and business) of the trust strictly and solely for the benefit of trustees.
(The last line is where most trusts fail..)
Follow JustLoadit's advice.
It is basically correct that the assets of a trust cannot be attached by a creditor of a beneficiary. However be aware that the income that accrues to a beneficiary from the assets can be attached. As an example, if the trust owns property that it lets and beneficiary A is in trouble, the creditor can claim that beneficiary's share of that income. Similarly, if the asset is sold by the trust, the distribution to A can be attached.
There are other considerations also, and to my mind the most critical are:
- the location of the independent trustee
- ensuring continuity - who will replace a deceased trustee?
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