Jason Freeman, of (Freeman Law LLP), has made available for download his article, “What is a Trust?,” published in JDSUPRA. The abstract is as follows:
Trusts play an important role in estate and tax planning. A trust is a fiduciary arrangement that allows a trustee to hold legal title to assets for the benefit of a beneficiary. The beneficiary is, in turn, said to maintain beneficial ownership over the property.
The law of trusts can be traced back to Roman and Greek law, though it was further developed in medieval England during the time of the Crusades. Although Roman law did not recognize a trust in precisely the same sense that we do today, the Roman concept of a Fiducia and fideicommissum served a similar function, as did the salman or treuhand of Germanic law. Modern conceptions of trust law find their roots in twelfth century English law, as well as feudal land conveyances circumventing Henry VIII’s “Statute of Uses” in the sixteenth century.
Trusts are commonly used for estate planning, charitable purposes, and managing assets for beneficiaries, as well as for asset-protection purposes. And there are a wide variety of trust structures. Our attorneys at Freeman Law are versed with both domestic and foreign trusts.
Posted by Mallory Wentz, Associate Editor, Wealth Strategies Journal.