u/Expert_Salad_4705

▲ 10 r/inheritance+1 crossposts

Family Trust versus Descendants Trust

My mother passed last month leaving me as the trustee of the trust she created for her assets. I’m I. The US. The financial institution has asked me to create a new trust with my own ein number to transfer the money to do I can disperse it from there. They’ve asked me to name whether what I’m creating is a family trust, a descendants trust, or a generational trust, said which one it is would be laid out in the trust documents, but it’s not, at least not explicitly. I’m assuming there are tax implications to this?? Maybe? Apparently it’s up to me to interpret what kind of trust this is; anyone have any thoughts? Are there benefits/downsides to each I should consider?

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u/Expert_Salad_4705 — 2 days ago