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Trusts
A trust comes into existence when individuals wishing to create the trust
(called the settlors) transfer ownership of assets to the trustees to be
held on trust for certain persons (called the beneficiaries).
The trustees own and manage those assets for the benefit of the
beneficiaries of the trust and will be guided by the terms of the trust deed.
Normally, both of you, and at least one independent trustee, hold the
assets of the trust as trustees for the beneficiaries you nominate. All or
any of these beneficiaries could benefit as to income and capital from the
trust during the term of the trust.
On the eventual winding up of the trust the trust assets are distributed in
accordance with the formula incorporated into the trust deed, or any
other directions that you have given.
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