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)
I want to learn more about…
*DISCLAIMER*: The information and content on this website is for general information purposes only and is NOT legal advice. Use of this website does NOT create an attorney-client relationship between Gale Law Professional Corporation and the reader. Gale Law Professional Corporation makes no implicit or express representations or warranties. This website may contain links to third party sites or information that we find useful: these links should not be interpreted as a sponsorship, recommendation, or endorsement and Gale Law Professional Corporation makes no guarantee of their accuracy as Gale Law does not control those sites.