The legal and written pact between the owner of a property and a trustee is called a trust. The role of a trustee in a trust is to manage a settler’s assets on behalf of the settler’s heirs. A trust is essential for any asset protection or estate plan because it contains guidelines and procedures to be followed.
Trusts have shared characteristics. For example, trusts include one or more trustees and several named beneficiaries. The responsibility to administer and carry out the terms of the trust is endowed to the trustee. The recipients of a trust’s assets wealth are given proceeds in the present or the future.
Trusts have traditionally been used by the wealthy to conceal and distribute their wealth to their offspring. The increasing awareness of the ...Read More