Overview
A family trust is designed specifically for married couples and families with children. It can be structured as a joint trust (both spouses as grantors) and includes special provisions for minor children, education funding, and staggered distributions.
Best For
- Married couples
- Parents with minor children
- Families wanting coordinated estate planning
- Those wanting to provide for children's education
Key Features
- ✓ Joint trust option for married couples
- ✓ Guardianship nominations for minors
- ✓ Education funding provisions
- ✓ Staggered distribution options
- ✓ Survivor trust provisions
- ✓ Spendthrift protection
- ✓ Family governance guidelines
📊 Tax Benefits
- ✓ Unlimited marital deduction for spousal transfers
- ✓ Portability election preserves unused exemption
- ✓ Step-up in basis for inherited assets
- ✓ Education distributions may be tax-advantaged
- ✓ GST planning for grandchildren
Considerations
- More complex than simple living trust
- May need updating as children grow
- Joint trusts require agreement between spouses