Trusts

An equitable obligation, binding a person (called a trustee) to deal with the property over which he has control (the trust property) for the benefit of persons (the beneficiaries) any one of whom may enforce the obligation.
In simple terms, a Trust is a way of arranging property (assets) for the benefit of others without giving them control over it.

In the simplest terms, a trust is a popular financial planning tool for those who wish to arrange their property and/or assets for the benefit of others without giving them immediate control over them.

Common reasons to set up a trust are:

• to provide for the orderly distribution of assets after death
• to protect the beneficiaries' best interests
• to allow more than one generation to enjoy the use of a property
• to reduce income and capital gains tax liabilities