Benefits of using legal contract kits

Trusts

A trust is a legal arrangement in which money or property is managed by one person (or organisation) for the benefit of another.  A person or company agrees to hold assets for the benefit of another.deed of trust

The one who holds the assets is called the Trustee.  The trustee has legal control; it's the trustee's name that appears on all legal documents, bank accounts, etc.

Those who benefit are called beneficiaries.   The beneficiaries are not mentioned on such documents and have beneficial ownership, meaning that they are entitled to the assets and profits of the trust. 

The basic function of a trust is to separate control and ownership.

One of the major benefits and functions of a trust is asset protection.  Asset protection means exactly what it sounds like.  It provides an orderly transmission of property between generations, and may include certain tax advantages.

It’s something one does at the start of a business enterprise (or possibly a marriage) involving some risk to make sure that if the worst happens, the creditors can’t take everything you’ve got.

There are many different types of trusts.

The important thing to note is that different trusts are used for different purposes. There is no 'one-size- fits-all' when it comes to structures.