The process of an individual giving away the authority to a trustee to hold the title to the property or assets for the beneficiary’s benefit is called trust creation.
Trusts are created to ensure that an individual assets are distributed among the beneficiaries according to their wishes.
People are aware of the process of trust creation as will-making for future generations. Trusts are highly versatile and fall under six different categories: revocable, irrevocable, funded, unfunded, living, and testamentary.
A trust allows people to plan how they want their money to be distributed after their death. Trust creation also helps save taxes and protect the assets from any creditors that might come after them