A family trust is an important element of any estate plan and is important for entrepreneurs and business succession planning. A family trust is built upon a trust document. This document, created by you, the “settlor” of the trust, nominates a trustee who will manage your trust’s assets on behalf of your beneficiaries, according to terms which you outline in that document. There are many types of trust structures, each with its own pros and cons, so it’s important for entrepreneurs to seek counsel before deciding on what type to choose.
Trusts are associated with the very rich, but anybody can use them, so long as you have assets. Broadly, there are two main kinds of trusts: revocable trusts, whose terms can be changed and which can be dissolved at your discretion; and irrevocable trusts, whose terms cannot be changed and which cannot be dissolved.
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