Definition of 'Trust Deed'
Trust deeds are often used to hold assets for minor children or for people with disabilities. They can also be used to avoid probate, which is the legal process of distributing a person's assets after they die.
To create a trust, you will need to work with an attorney. The attorney will help you draft the trust deed and will also help you set up the trust.
Once the trust is created, the trustee will be responsible for managing the trust assets according to the terms of the trust deed. The trustee will also be responsible for distributing the trust assets to the beneficiaries when they are entitled to receive them.
Trust deeds are a valuable tool for estate planning. They can help you to protect your assets and to ensure that they are distributed according to your wishes.
Here are some additional details about trust deeds:
* Trust deeds can be revocable or irrevocable. A revocable trust can be changed or terminated by the settlor, while an irrevocable trust cannot be changed or terminated without the consent of the beneficiaries.
* Trust deeds can be either private or public. A private trust is only known to the settlor, the trustee, and the beneficiaries. A public trust is recorded with the court and is open to public inspection.
* Trust deeds can be used for a variety of purposes, including estate planning, asset protection, and tax planning.
If you are considering creating a trust, it is important to speak with an attorney to learn more about the different types of trusts and how they can be used to achieve your goals.
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