What is a Trust
A trust is an agreement between the owner of assets and trustees. In terms of this agreement, the trustees agree that they will administer the trust assets with the necessary care for the benefit of the beneficiaries. It is an efficient and flexible way to ensure that assets are properly looked after and well maintained. It also ensures that assets are objectively managed and controlled by appointed trustees in the best interests of the beneficiaries.
What’s involved in setting up a trust
There are three parties in a trust:
- SETTLOR – A person who sets up a trust.
- BENEFICIARIES – Are the people the trust will benefit.
- TRUSTEES – People who will run the trust and look after the assets.