Law of Probates, Trusts and Estates

The idea of trust is rooted in the concept that one person holds property for another. Holding property in trust for someone generates a fiduciary duty, a violation of which can result in extensive monetary loss for the trustee. Trusts are useful in a number of circumstances, for example, when an owner of property is unable to take care of the subject property handing it over to a trustee is a good and practical answer. Sometimes a person must divest himself of the property in order to avoid a conflict of interests, in which case the creation of a trust is the ideal situation to solve this problem. At times, a person is incapable of receiving property due to the minority, mental incapacity or other restrictions created by law or other conditions. Putting the property in trusts is the best practical answer for these people. Depending on the tax laws of the jurisdiction, it may have tax advantages, too.