Trust

Trust

A trust is an estate-planning tool used in conjunction with a Will or, in the place of a Will. Unlike a Will, a Trust can help an individual to manage his/her assets during their lifetime, while specifying how those assets are to be distributed or managed on his/her passing. When creating a trust the Trustor transfers legal ownership of his/her property and/or assets to the named Trustee for management. There are usually beneficiaries named in the Trust for whom the assets are managed or protected.

The duties of the Trustees are very critical for the management of the Trust affairs. Choosing a Trustee who is responsible and reliable is a key component of the effectiveness of a Trust.