What are trusts used for?
Trusts are a means of providing a lasting benefit to another person or persons. For example, a grandparent wanting to provide for the education of grandchildren may place money into a trust. The grandparent gives this money to trustees that they choose “in trust for” present and future grandchildren. The trustees would have the responsibility of maintaining the money and providing for the educational needs of the grandchildren, even if the grandparent passes away. Trusts are also used to ensure that settlement money received by First Nations from governments and others is used for the purpose that it was originally intended. For example, a First Nation may receive money from a government as compensation for treaty obligations. The First Nation could place the settlement money into a trust and, through the trust document, specify eligibility criteria for trustees, tell how the money is to be used or distributed to community members, and specify how the money is to be managed and investe
