Trusts
A trust is a legal structure
- settlor
- transfers property to the trust
- gives instructions to the trust
- trustee
- the legal owner of the property in the trust
- so the residence of the trust is where the trustee resides
- carries out the settlor's instructions
- fiduciary to act in the best interests of the beneficiaries
- the legal owner of the property in the trust
- beneficiaries
- the ones for whose benefit the trust was established
A trust can be established when the settlor is
- alive: inter vivos
- dead (created through a will): testamentary
page revision: 2, last edited: 03 Jul 2007 22:28