What is a trust?
A trust is an agreement whereby a third party (called a trustee) holds assets (usually money and property) for the benefit of a beneficiary or beneficiaries.
A trust is designed to help control your wealth and manage reasonable distributions, can protect your family from creditors, can help avoid the probate process and allow easier access with less taxes by your beneficiaries to their share of the trust. There are a number of different types of trusts, including marital trusts, charitable giving trusts, testamentary trusts (created by your Will), revokable and irrevokable trusts, and more.
A legal professional can give you more information about the creation and management of a trust account.
This information has been prepared for general knowledge purposes and is not intended to serve as legal advice.