What is a Trust?
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.
- Living Trusts: When a Trust is created and then immediately becomes effective.
- 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.”
- Revocable Trusts:You retain ownership and control of the property in the trust and can change the terms, including the trustees and beneficiaries.
- 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.
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