Can I be a beneficiary of my own trust?
So you want to form a trust for the kids? Really? Only for them? What about you and your spouse?
You know that they say “The best thing that the rich can do for the poor is to stay rich”? Well, its also true that the best thing that you can do for your kids is to look after yourself first. After all, nobody knows what the future holds, so you don’t know what your future needs will be.
First off, you need to grow wealth.
Second, you need to protect it from your creditors. So you grow it in a trust structure.
Then you need to be able to retire. The trust’s invested wealth will provide your passive income.
Then you will die. The income produced by the trust’s wealth is now available for your kids, or their kids and so on for generations. That’s your legacy.
So, yes, you MUST be a beneficiary of your trust.