What is a Trust?
A lot of people do not know what a trust is. There are various types of trusts. A trust is when an individual transfers their property, securities, and bank accounts to another individual or persons to run them for you. The trust now runs the property and you cease to own them. It usually takes place after someone dies. The person putting the trust directs who can able to access the trust.
An individual who has a trust appoints a person or persons to run it after you die. However while you are still alive you can control and manage the property. There are different kind kinds of trusts. There is testamentary trust and a living trust. A living trust is instated while the individual is still alive. For testamentary trust it is carried out after the individual death. A trust is created for many reasons like, run a charity, pay medical bills or take care of minors.
