WHAT IS A TRUST?
- A trust is an agreement between two parties: the person who creates the trust and the person, institution or organization responsible for the administration of the trust (also known as the trustee). As a trustee, we manage whatever assets are placed in the trust according to your wishes to benefit a third party, your beneficiary.
- A trust is a special relationship created when one person (the “settlor”) transfers legal title to property (the “trust fund”) to another person (the “trustee”) in trust. This is for the benefit of persons (the “beneficiaries”) specified by the settlor, to be held and administered according to the settlor’s specific instructions as contained in a written agreement (the “trust deed”).
- The trust deed specifies the terms and conditions under which the trustee holds title to the trust fund, including certain duties and obligations of the trustee that are the highest imposed by law. In general, these require the trustee to administer the trust fund for the sole benefit of the beneficiaries, who have a beneficial interest in the trust fund.
