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Questions and Answers
What is a Trust?
What is a Trust?
- A legal structure where assets are controlled by the settlor
- A legal structure where assets are controlled by the beneficiaries
- A legal structure where assets are controlled by the government
- A legal structure where assets are controlled by the trustees (correct)
Why might someone establish a Trust?
Why might someone establish a Trust?
- To have complete control over their assets
- To protect their assets from creditors (correct)
- To avoid paying taxes
- To give away their assets to the government
Who owns the assets transferred to a Trust?
Who owns the assets transferred to a Trust?
- The Settlor
- The Beneficiaries
- The Trustees (correct)
- The Government
