An arrangement where one person holds and manages assets on behalf of, and for the benefit of, others.
What it means
A trust is a legal relationship in which a trustee holds and manages property for the benefit of one or more beneficiaries. Trusts can be created during a person's lifetime or by their will (a testamentary trust). Note that Australia does not use the US concept of a 'living trust' for everyday estate planning.
Trusts are used in estate planning for asset protection, tax management and to provide for vulnerable beneficiaries. They are governed by general law and state and territory trustee legislation.
How it's used
Their estate plan used a trust so that money for their disabled son could be managed responsibly over his lifetime.
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