What's Exactly a Trust? Discover Aims, Objectives, Characteristics, Types, Advantages, Elements of Trust and Much More...!
Abstract : A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries . Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries. A trust is a document giving you, another person, or an institution the power to hold and manage your money for your benefit or the benefit of another person. A trust can serve many purposes, including estate planning, tax planning, medical planning, and charitable giving . The main functions of a trust are the function of the management and disposal of the asset, the function of the conversion of untrusted property, and the function of bankruptcy isolation . These functions can be utilized to handle the various needs of trusts. Irrevocable Trusts is the best form of trust. Using an irrevocable trust allows you to minimize estate tax, protect assets from creditors and provide for family members who are under 18 years