A trust is another type of legal entity. It is a legal relationship which is created when a person known as a setttlor puts assets in the control of another person known as a trustee. These assets are intended for the benefit of another group of people known as beneficiaries. Trusts are becoming very popular and, in fact, in many cases involving family businesses, a trading trust is far superior to other structures such as partnerships or companies. This eBook looks at the definition of a trust and counsels against using a trust simply for tax saving. It sets out the main reasons for forming a trust and the essential requirements of a valid trust. It explains the parties in a trust and elaborates on the advantages and disadvantages of this type of structure. No. pages: 15
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