Types of Trusts
There are two main types of Trusts namely:
- Testamentary Trust (trust mortis causa);
- Inter Vivos Trust (trust created during the lifetime of the founder)
A Inter Vivos Trust can further be subdivided into:
- Discretionary Inter Vivos Trust - The Trustees have in their absolute discretion the right to decide how the income and capital of the Trust.
- Non-discretionary Inter Vivos Trust - The Founder decides precisely what the beneficiary is entitled to.