The trust is a very flexible instrument which has a variety of uses. You may establish a trust while you are living, which is called an inter vivos trust. However, in the context of Wills, these are referred to as testamentary trusts.
The trust is an excellent way of providing benefits to an individual, while protecting the assets themselves from the beneficiary. For example, if you wish to benefit your son, but feel his age or level of maturity is such that he is incapable of handling the funds wisely, assets may be placed in trust until he reaches a certain age.
The trust is also a useful instrument with respect to taxation issues.
