What is a Trust?

What is a Trust?

December 25, 2019

A trustexists where a person called a trustee is given the right by a person (Trustor) to hold title to a property for another person who is known as a beneficiary.

A trust is a legal way to hold and protect your assets for the future. A document called the trust deed is the set of rules for the operation of the trust. It sets out who the beneficiaries are, who the trustees are and how the trust will be administered.

There are four types of Trust.

  1. Living Trusts: When a Trust is created and then immediately becomes effective.
  2. Testamentary Trusts:When a Trust is created and then does not become effective until after death. These are often created within Wills, and the person who created it is called the “testator.”
  3. Revocable Trusts:You retain ownership and control of the property in the trust and can change the terms, including the trustees and beneficiaries.
  4. Irrevocable Trusts:You give ownership and control of the property in the Trust to others (Trustees) and no longer own or control the property, thus making you unable to enact changes.

 

 

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • Must my Company Secretary be a Lawyer?

    Although it’s ideal to have a lawyer as a company secretary, it is not compulsory for small private businesses.
  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or agreement.
  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water
  • What is classified as personal data?

    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.
  • When registered, how long does a patent last for?

    Once granted, a patent is valid for 20 years.
  • What will happen if I buy the wrong category of forms with NAFDAC?

    Nothing, the purchased form will be in your account for future use.

     
  • How many directors do I need to start a company?

    A minimum number of two (2) directors is required to form a company.
  • Can I trademark my logo and name separately? Why is this a good idea?

    Yes you can. The advantage is that it gives you the opportunity to have more than one logo or the opportunity to change your logo easily as opposed to registering the name and the logo as one trademark.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp