Advantages Of Having Family Trust In 2021
A family trust is a specific type of trust which families can create to benefit relatives of the grantor. The main purpose of creating a family trust is to benefit the grantor's family, and also include those related by blood, marriage, or by any law Trust is neither considered as a corporation nor a legal entity, it is a fiduciary relationship between the trustees and the trust’s beneficiaries. Essential elements required in the creation of family trust: The author of trust: the person who creates the trust is called the author of the trust Trustee: a person who manages the trust is called a trustee its duty is to manage the property, distributions of income, and capital allocations to beneficiaries in accordance with the trust deed. Beneficiary: a person for whose benefit the family trust is created is called a beneficiary Trust property: it is considered as the subject matter of trust. The object of trust: it describes the purpose for which trust is created. An i