What is a Trust?
A Trust is a legal entity that can hold the title to the property for the benefit of one or other persons or entities. This Creator transfers legal ownership to a person or institution (called the Trustee) to manage that property.
What is the Creator?
The person who creates the Trust is called the Creator.
Who controls the Trust?
The Trustee controls and manages the assets of the Trust. The Trustee acts as a fiduciary (an admin or an executor) in the sale of the trust. The Trustee only holds legal title but not full title to the property in the Trust.
What are Beneficiaries?
The person intended to benefit from the Trust are called Beneficiaries. This is the person for whom a trust is creator.
What is a Trust Sale?
This is when a third party carries out the instructions of a Trust and on the wishes of the Beneficiaries to sell the property. The assets from a Trust Sale are designated for the benefit of the beneficiaries and not the Trustee.