Trusts: What are they?

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What is a Trust?

A trust is an obligation binding a person, the trustee, to deal with property for the benefit of the beneficiaries (or “cestuis que trust”). A trust isn’t a legal entity (thing) – it’s a relationship between the trustees and the beneficiaries. The person who creates the trust is called the settlor. Trusts are advantageous in tax reduction strategies.

Within a trust, there are essentially three parties:

  • The Settlor (the person who created the trust)
  • The Trustee (the person who will manage/control the property on the behalf of the beneficiary)
  • The Beneficiary (the person entitled to be given assets from the trust)


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