What is a Trust and do I need one?

A Trust is a legal arrangement in which a person (the Settlor) transfers the ownership of some of his or her assets to one or more Trustees, who manage the assets on behalf of one or more Beneficiaries (who will receive the assets or income). There are many reasons why this would be done: The Beneficiary is under age and therefore too young to handle their own affairs The Beneficiary has limited mental capacity to be able to handle their own affairs To control and protect family assets To pass on assets while you’re still alive To protect family’s assets
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