On today’s show we are talking about different types of trusts. Now before we begin, let me state categorically that I’m not a lawyer and I’m not an accountant and I’m not here to provide any form of tax advice or legal advice.
The purpose of today’s show is merely to discuss different types of trusts so that you are armed with enough information to conduct additional research of your own, and then in turn seek advice from your own advisors, licensed to practice in the jurisdiction where you reside.
So here we go.
A trust is a legal relationship that entails the separation of legal ownership and beneficial interest. It is created when property is transferred by a settlor, who owns it, to a trustee, who holds legal title to it for the benefit of another person or persons, known as the beneficiaries.
Most trusts have a trustee whose primary role is to enact decisions on behalf of the trust’s beneficiaries. There are many types of trusts and we’re going to briefly define a few of those today.
