CREATION OF TRUST
Trusts are created to assist and manage the estate or property during the lifetime of the trustor, the trustor may protect or control to distribute their property during the lifetime or after death by appointing a trustee. A trust is created where one or more persons hold the property on behalf of others. It can be either a private or public, or an individual or a company, or a group of persons.
A private trust is generally appointed for the convenience and support of the trustor and their families. The creation of a trust is a very simple process; the owner of the property (grantor/trustor) shall transfer all his ownership rights and any other legal rights to a person whom he appoints as trustee. The trustee holds that property for the trust beneficiaries. The trust can be effective when the trustor grants or transfer the property to the trustee only.
A trust document should be in written and registered. The trust law provides flexibility in appointing and creation of a trust. Generally, trusts are created in a will or may be created for tax reasons. The trustee can be single or multiple.
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