This video defines and explores the pros and cons of delegated trusts. Trusts make it possible for anyone you want to get control of your assets without having to go through probate court. Delegated trusts exist to pass assets to their beneficiaries at a certain point in their lives.
The primary function of trusts is to provide for an heir to access the properties when they meet conditions, such as when they reach a certain age.
Therefore, delegated trusts can make it easier for people who want to leave assets to their underage children or grandchildren but also want to restrict their access until later in life. For example, when writing a living trust, you name a trustee and state the powers you want them to have over your assets. You’ll need a lawyer specializing in estate and will planning to draft the document appropriately.
Delegated trusts come in when a trustee involves someone to help manage assets and investments. Delegated trusts are beneficial in allowing someone else to run things for you so that you don’t have to do it yourself. As such, you can continue living your life without involvement in mundane day-to-day financial activities.