Trust

The word trust has been used in many broad sense in estate planning to describe fiduciary relationships. A trust is often a device for the management of a property. There are many types of trusts such as a revocable trust, irrevocable trust, pass through trust, family trust and land trust. Each type of trust has its own meaning and purposes.

What is a trust?

A trust is a device that exists when one person transfers the legal title to another person who is to hold that title for a third person's benefits. In a trust set up, the trustor set up the trust, the trustee manages the trust for the beneficiary of the trust.

A trust is unique in that the legal title of the property in the trust is in one person while the benefit lies in another, the beneficiary or beneficiaries. The benefit of the trust is referred to as 'equitable title'. The legal rights of ownership and control are in the trustee who has to manage the trust according to the rules of the trust and in the best interest of the beneficiary.

• Living trust
• Letter of Instructions