Abstract
A trust is brought into existence when a person (the settlor) transfers assets to trustees for the benefit of third parties (the beneficiaries). Another word for a trust is a settlement. A trust may also be created under a will when a person (the testator) sets aside the whole or a portion of his estate to be administered (by trustees) for the benefit of his heirs or other beneficiaries. (Where an individual declares himself to be a trustee of certain of his assets a trust will also come into existence.)
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© 2002 Fiscal Services Ltd
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Sinclair, W. (2002). The taxation of trusts and estates. In: St. James’s Place Tax Guide 2002–2003. Palgrave Macmillan, London. https://doi.org/10.1057/9780230287716_21
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DOI: https://doi.org/10.1057/9780230287716_21
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-42602-7
Online ISBN: 978-0-230-28771-6
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