Trusts

A trust is an agreement where one person manages the property and money for the benefit of another person. Trusts are created for personal and financial security, as a means to control property, and to avoid unnecessary taxes. A trustor, a trustee, a beneficiary, trust property, and a trust agreement are required to form a trust. Types of trusts include living trusts, both revocable and irrevocable, and testamentary trusts. While establishing a trust the following factors are to be considered: personal details, family relationships, personal financial data, the purpose of the trust, types of trusts, the value of the property involved, the duration of the trust, and alternative ways of dispersing the property.