Legistify
1
0

What are trusts?

What's a trust?


940
Team Legistify

A trust is a legal agreement that names someone to hold property for the benefit of others. The trustee is the person or company that manages trust property and “beneficiaries” are the people who benefit from the trust. A living trust is a trust created while the property owner is alive and it is revocable for the lifetime of the trust maker. In contrast, a “testamentary trust” is one that takes effect when the trust maker dies. Some people use a will in addition to a trust to distribute their property.

Upvote


Ask Your Legal Question Now

Ask a Query


Tags: Trust General Legal

Have a Legal Issue?

Get connected to the Best Lawyers and Chartered Accountants Near You!


You might like reading these