Whitney Houston Will Raise the Question of Trust

Whitney Houston Will Raise the Question of Trust: Will Whitney Houston has been much discussion this week. As the late singer's assets distributed to the daughter Bobbi Kristina? How trusts work anyway?

A judge in Atlanta, check Whitney Houston "will", 19-page document, which leaves everything to his daughter, gossip website TMZ reports.

Whitney Houston's money will go to the credibility of Bobby Kristina, 19, who will not see it all, until 21 years of age, whichever occurs first inside the magazine.

So how exactly it works, how to trust?

Trust created by will - called the testamentary trust - a way to start the division of property, usually money, after the death of a man. To create a testamentary trust, the will of man must appoint at least one beneficiary to receive payments from the trust, a trustee who will manage the trust.

The testator may establish its legacy in his own desires. Whitney Houston will, for example, calls for Bobbi Kristina receive their first payment of trust, when she was 21, another distribution, when she turns 25, and the remaining assets of the trust, when she turned 30, reports in the publication.

> A charitable trust names a charity, or the public in general, as beneficiary.

> A special needs trust can provide for the long-term care of a disabled person.

> A spendthrift trust gives a trustee full authority to spend or invest a trust's assets, but the trustee's actions must be for the benefit of the beneficiaries.

All this time, the trustee must perform their duties of loyalty to oversee the trust. If the trustee is unable to do so - for example, if it clogs the money for themselves, or made imprudent investments spendthrift trust - it may be personally liable to the beneficiary for any damages.

If you plan to create a legacy, like Whitney Houston did in his will, it may be wise to consult with an attorney trust the best type of trust to your situation.

> Whitney Houston's Will Revealed (Inside Edition)

> Trusts: An Overview (FindLaw)

> Browse Trusts Lawyers by Location (FindLaw)

> Whitney Houston's Death Provides Estate Planning Lessons (FindLaw's Law and Daily Life)