Who are the beneficiaries?
The beneficiaries are the beneficial owners who do not hold legal title but who will ultimately benefit from the assets held in trust. The beneficiaries will commonly be children, grandchildren or a charitable cause. A charitable cause may include any combination of health, education, advancement of religion or other purposes of benefit to the community. The main reason people establish trusts is to be in ‘control’ of assets but not ‘own’ them. Assets are private and kept safe from various predators. Ownership eventually passes to the beneficiaries on vesting day unless distributed earlier. This leaves beneficiaries with the issues of ownership that those who established the trust were avoiding. For this reason it is worth following the proven techniques of the wealthy who use trusts to transfer the ‘control’ of assets through generations not the ownership. Charitable organisations number among the wealthiest organisations on the planet providing strong asset protection for multiple ge
