What is a Trust ?
The first "Trusts" were
done two thousand years ago during the reign of Augustus Caeser.
It is thought that if a Roman citizen wanted to pass on his property to his
children but his wife was not Roman and therefore the children could not have
the property, he left all his property to a Roman friend who promised that when
he died he would use the property to take care of his children. This way he
side stepped the law. He trusted his
friend to do what he wanted with his property after his death, thus the term
"Trust” came about.
Under this type
of legal arrangement, the Trustmaker, known as the
“Grantor” will transfer ownership of certain assets to the Trustee who will
manage the assets for the benefit of the Beneficiary.