The following is my answer to a Quora
question: “Is
a trust necessary if a couple has no children?
We have a will.”
A trust is useful if you have
beneficiaries in mind whom you want to benefit over an extended period of time,
instead of giving them their share of the estate at once. The beneficiary need not be a natural person. It may be a foundation, a charity, or even
your pet.
Trusts are also useful for mitigating your
tax liability, if you know how to manage them well. This is especially necessary if your wealth is
based largely on assets that are taxed heavily where you are a tax resident,
such as property and investment portfolios.
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