Most people think of trusts as something the super-rich use to hide assets offshore or to give money or property to their children or grandchildren. The legend is that the trust fund is the preferred means of financing the lifestyle of the international playboy, with his mega-yacht and luxurious bolt-hole in Monaco. Although there may be some degree of truth to that, the fact is that trusts are incredibly useful and flexible devices that people employ for all sorts of different purposes. In its simplest form, a trust is just a legal mechanism for separating the ownership of an asset into two parts: the "legal" ownership, or title to the asset, on the one hand, and the "beneficial" ownership on the other hand. An example of this kind of trust might be a nominee arrangement for an online,stockerbroker account, where the stockbroker acts as the registered holder of the shares. The stockbroker does not hold the shares for itself, but purely for the benefit of the customer, who is the "beneficial owner" of the shares.
Express Wills & Trusts
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