Trusts and Foundations
Trusts and foundations law encompasses the legal principles and regulations governing the establishment, operation, and dissolution of trusts and foundations. This area of law involves a complex set of rules that vary across jurisdictions, and it often intersects with estate planning, taxation, and charitable giving. Here are key aspects of trusts and foundations law:
Trusts:
Definition:A trust is a legal arrangement in which a person (the settlor) transfers assets to a trustee to hold and manage for the benefit of one or more beneficiaries.
Foundations;
Definition:A foundation is a legal entity typically established for charitable, educational, religious, or other philanthropic purposes. It holds and manages assets for the benefit of a specific cause.