Trusts | Family Trustees

A trust is a legal relationship where the owner of property gives it to another to manage and use solely for the benefit of a designated person. The concept of trusts has its roots in ancient Rome, and the modern concept of trusts is based on the English common law. The United States has a well-established system of trusts, with the Internal Revenue Service providing guidance on tax implications of trusts. According to the American Bar Association, trusts are an essential tool for estate planning, and the National Association of Estate Planners and Councils provides guidance on best practices for trust administration.