Trusts Providing Peace Of Mind

It is known that trust relationships are formed for many reasons and purposes. A settlor may indeed tailor a trust for any purpose provided that it is not against public policy, illegal or in contravention of the fundamental tenets of trust law. Within such limits, the purpose for which trusts may be set up are infinite and it is impossible to have an exhaustive list of 'types' of trusts.

Lawyers will agree that it is a very common occurrence to come across clients who are concerned about the risks of their irresponsible child recklessly spending a lump sum received upon inheritance or who is naturally unable to control his spending and so forth. Such a problem could be addressed by setting up a so-called spendthrift trust which would be created for the benefit of the child as beneficiary of the trust. In such case an independent trustee would have exclusive authority to decide on the manner in which the trust funds may be managed and made use of for the benefit of