Family Trust

The Patricia Holdings Family Trust has two types of beneficiaries: Default Beneficiaries and Additional Beneficiaries. The Default Beneficiary is the person (or entity) named in the Schedule and acts as the trust’s fallback beneficiary, receiving trust income or assets only if the trustee does not make a distribution decision, or when the trust ends. Additional Beneficiaries are optional people or entities who may be added to the trust at any time and can benefit if the trustee chooses to make a distribution to them; they do not need to be named when the trust is first established and do not receive anything automatically.