What does it mean to be the beneficiary of a trust?
A trust is a legal arrangement where the creator transfers legal title to property to a trustee who manages it for an individual or an entity (the beneficiary). The trust can outline how & when the property is distributed. Or, as if often the case, they may leave it at the discretion of the trustee.
The legal rights of the beneficiaries & the obligations of the trustee are provided under the law of the jurisdiction that governs the trust. These rules also say who pays taxes on the income & gains the trust earns.
Regardless, you can trust that there is a lot of benefit to being a trust beneficiary!
