A trust is the formal transfer of assets (i.e. property, shares or cash) to one or more people (usually two or three) or to a trust company with instructions to hold and administer the assets for the benefit of specified others.

Trusts are used for estate planning, tax avoidance and asset management purposes.

Trusts are generally either fixed interest or discretionary and are further categorized as inter vivos or testamentary. Specialized types of trusts include discretionary charitable trusts, alter ego/joint spousal/common law partner trusts and qualifying spousal trusts.

For every family problem or situation, there is a trust that can be constructed to suit the need. Creating the right type of trust to match your particular situation requires the help of a qualified professional.