Family Trust

Maintenance of assets (business trusts, real estate trusts)

 

Legal definition of a Trust: A fiduciary relationship with respect to property, subjecting the person by whom the title to the property is held to equitable duties to deal with the property for the benefit of another person, which arises as a result of a manifestation of an intention to create it.Translation: Let’s focus on the underlined words. There exists property (property), a person by whom title to the property is held (trustee), and another person that benefits (beneficiary). So in order to have a trust, you have to have property, a trustee that holds the property and a beneficiary that benefits from the property.