A“trust” is a legal term to describe the separation of the legal title to an asset from the equitable right to benefit from the same asset. 

A trust can arise by creation of a trust deed during your life time (an inter vivos trust) or by the terms of your Will which becomes effective at the date of your death (a testamentary trust). In either format, a trust is a useful tool to accomplish several goals, including the following:

  • protecting against spendthrift beneficiaries;
  • creditor proofing your estate;
  • maintaining privacy; and
  • minimizing tax.

Trusts are becoming a more and more common component of the average Estate Plan.  If you have any questions or would like to talk to one of our solicitors to determine if the use of a trust can assist in realizing any one or more of the goals stated above, please give us a call.