A Trust is created where an individual (the Settlor), vests (transfers) property/assets to a Trustee, who in turn holds said property/assets, on behalf of and for the benefit of Beneficiaries.
A Trust is typically created in circumstances where the Settlor wants the Beneficiaries to benefit from certain assets, such as an investment fund or piece of land, but does not want the Beneficiaries to be entitled to have ownership over those assets.
While there are many different forms of Trusts, most Trusts can be separated into one of two categories: Inter Vivos Trusts and Testamentary Trusts. Inter Vivos Trusts are Trusts made by persons while they are alive. Testamentary Trusts are created after you have passed away.
An Inter Vivos Trust is created through the execution of a Trust Declaration. The Trust Declaration can be simple or complex, depending on the circumstances.
A Testamentary Trust is created within your Will and becomes operative once you have passed away.
Trusts can play an important role in your life or estate planning. We can explain how they work, help you to incorporate Trusts into your planning, and create Trusts suitable for your needs.