Trust Formation & Administration
Carey Group is expert in designing and implementing trust arrangements.
A trust is created when someone (often referred to as the settlor) gives property to someone else (the trustee) to look after. The property itself is often referred to as the trust fund. The people who will benefit from the trust fund are the beneficiaries. The "trust" is the relationship between the trustee and the beneficiaries.
Trusts are designed to hold and manage assets. For example, wealthy individuals are often concerned about leaving too much wealth directly to their children. Trusts can also be particularly helpful where it is desired to continue to manage a family business without it having to be broken up on the death of the founder.
There may be tax advantages (depending on the situation of the settlor and beneficiaries) and some protection against creditors (whether business creditors or divorcing spouses for example). Trusts are sometimes used in commercial transactions.
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