A trust is an entrustment that is administered by a trustee for the benefit of a beneficiary and fulfills the trustee’s obligations at a specified time according to the trustee’s instructions. Trusts provide further management and protection of property. It can have the advantage of tax deductibility. Providing an additional layer of protection for the beneficiary’s assets. The trustee in a trust can be a natural person or a corporation.
An estate trust needs to be established through a will. However, an estate trust can only take effect after the death of the testator. A trustee is required in the creation of an estate trust. This trustee may be an attorney. An estate trust is a form of trust.