Trusts are real property, or assets, or both, which are overseen by someone appointed to manage the interest for the beneficiary. The trustee is an appointed individual and the person who owns the property in the trust is the settler. The role of the trustee is to administer the trust for the beneficiaries' advantage, and the beneficiaries are the ones that hold equitable title to the trust.
A declaration of trust is what sets forth the terms of the administration. Trusts are a common aspect of estate planning for those who want to leave assets to their children but instead leave everything in the hands of a trustee.
In the case of children under 18, or someone who is not trusted with handling money, the trustee ensures the beneficiaries interests are fully represented. Creating a trust occurs when the settler or donor signs a declaration of trust, which is what provides the instructions for the trustee.
The declaration of trust must have several essential provisions:. It's not uncommon to see trusts conduct a variety of business transactions like the purchase and sale of assets — including real estate — and stocks, commodities, and bonds. The most prominent perk has to do with liability. Similar to an LLC or corporation, business trusts are created so that the beneficiaries of the trust can reap the benefits of owning and often running the business, while being protected from individual liability.
On the flip side, business trusts can be expensive and difficult to maintain. Once the trust is up and operating, the hardest part is officially out of the way. Your business arrangement may be good as it is, or you may be better suited to use a limited liability corporation LLC , a partnership or another type of structure. It can help to have a financial advisor in your corner, guiding you through some of the toughest decisions.
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Dow Futures 35, What's on Practical Law? Show less Show more. Ask a question. Glossary Trust Related Content. A trust is a legal relationship created in lifetime, or on death by a settlor when assets are placed under the control of a trustee for the benefit of a beneficiary , or for a specified purpose.
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