A trust is a fiduciary relationship between a trustee and a beneficiary. That means that the person in charge of certain assets (the trustee) will be able to manage, invest and distribute any assets included within the trust. This should, of course, take place in the best interest of the beneficiaries. People usually set up a trust for the children. That is also the case with Myend’s Will Planner that allows you to set up your Children’s Trust.
There are various conditions a trust can include such as the age that your benefiting children must reach before they are allowed to fully access their part of the Trust. Every trust also has two basic components: The trust income and the trust principal. The trust principal refers to all of the property that can produce the trust income. Examples of trust income are interests and rents.