A trust is a legal relationship that is created when you (the settlor) transfer the legal ownership of certain assets to another person or company (the trustee), who is then responsible for managing and administering those assets in the best interests of your beneficiaries, which can include you.
The type of assets that you hold in trust will vary depending on your needs and requirements. In addition to conventional trust assets, such as bank accounts and investment portfolios, you can also transfer other assets into trust (real estate, private companies, art and yachts, for example)—a service that many of our trustee competitors do not provide.
The terms and conditions of the trust relationship, such as the powers and obligations of the trustee, are outlined in a legally binding document known as the trust deed, which is a strictly private and confidential arrangement between you and the trustee.
In addition to a trust deed, it is likely that, depending on the nature and type of trust arrangement, you will want to convey your wishes to the trustee in respect to how the trust assets should be managed and administered, who should benefit from them, and the manner in which they should do so. Through a letter of wishes, you can provide such guidance to the trustee.
In some cases, you can appoint a person, such as a close friend or lawyer, to oversee the relationship with the trustee. Known as a protector, it is this person's role to monitor the activities of the trustee on behalf of the beneficiaries.
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