TRUST AND ESTATE PLANNING

The law of trusts and estates is generally considered to be the body of law which governs the management of personal affairs and the disposition of property of an individual in anticipation of the event of such person's incapacity or death, also known as the law of successions in civil law. Its techniques are also used to fulfil the wishes of generous bequests or gifts through the creation, maintenance and supervision of charitable trusts. In some jurisdictions, such as the United States, it overlaps with the area that has come to be known as elder law that deals not only with estate planning but other issues that face the elderly, such as home care, long term care insurance or social security or disability benefits.

Generally, in common law legal systems, a trust is an arrangement whereby money or property is managed by one person (or persons, or organizations) for the benefit of another but is owned by the 'Trust'. The trustees are the legal owners of the trust property, but they are obliged to hold the property for the benefit of one or more individuals or organizations (the beneficiary). The trustees owe a fiduciary duty to the beneficiaries, who are the "beneficial" owners of the trust property.