A Trust is created when and individual or other Legal Entity relinquishes control of assets to third parties known as Trustees. The trustees then care for the assets for nominated beneficiaries who may vary from individuals to Educational institutions.
In the simplest terms, there are basically two types of trust – a trust created while the persons are still alive, and the ‘testamentary trust” which is formed once the estate of a person has been wound up.
Trust is a vehicle which effectively separates your assets and liabilities from your estate. It is similar to a company where it controls or “owns” assets for the benefit of other people
Posted in: Wills Trusts deceased estates