The ways in which trusts can be controlled vary widely. Some trusts have an age restriction (for example, you might not get access until you turn 21, or maybe you get half of it at 25 and the other half at 30); others allow you only a set monthly income out of the trust; there are also those that require you to reach a milestone in your life (say marriage or children). In addition, the person or people who set up the trust appoint trustees – people whose job it is to make sure the trust is used according to their wishes. Many trustees have legal permission to deny money to the beneficiary (the person the trust is for) if they have reason to believe he or she will use it inappropriately. All these restrictions can be quite a pain, but when you consider that a trust is basically a gift, the trust’s creator naturally has some say in how that money is used.

Tags: inheritance, trust, trust fund