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A trust is a legally enforceable right in property (be it money, personal belongings, real estate, or any thing or right that is transferable) that is held in legal control of one person for the benefit of another person. A parent, for example, might hold a family home in trust for their child with full ownership of that home passing to the child, the beneficiary, at a specified time or, more often, upon the death of the parent, the trustee. A Brief History The idea of trusts dates back to the 16th Century when English landowners, seeking ways to lessen their burdens to creditors and feudal tenants, legally transferred title to some of their assets to designated third parties. The landowners maintained physical control of the assets while reducing the amount of wealth they could be claimed to have legal title to (and thereby reducing tax burdens and the amounts creditors could try to seize). The idea outlived feudal times is an excellent way of managing and regulating wealth, debt, and inheritances that continues to this day. Types of Trusts A trust provides for several legal protections for property. Besides providing safeguards for the beneficiaries (protecting the assets from being stolen or liquidated before they can be passed down), a trust can help put off, or in some cases avoid altogether, some tax burdens. Trusts can also provide a legal framework within which individuals can better control property and even make sure that specified social, charitable, or commercial goals for the property are met and maintained. Continued... By Michael Willis