Private Trust

A private trust is a legal arrangement where a person, called the settlor, transfers assets to a trustee to manage on behalf of designated beneficiaries. This setup allows the settlor to specify how and when the assets are distributed, often providing ongoing financial support or protection for loved ones. Trusts are used for estate planning, asset protection, and privacy, ensuring that the assets are managed according to the settlor’s wishes both during their lifetime and after. Essentially, it’s a legal vehicle for controlling and safeguarding assets beyond the settlor’s lifetime.