You would be surprised at the staggering statistics on the number of people who are greenhorns when it comes to matters relating to trust. If, in any case, you are digging deeper on the topic trusts Venice, here is some help. A trust is a legal arrangement whereby the owner of the assets entrusts the responsibility of temporarily holding and running the assets to a third party with the intention of passing them to the intended beneficiaries at a later time. The individual setting up the fund is known as the grantor, while the entity entrusted with the responsibility of overseeing the administration of the trust, is known as the trustee. The beneficiaries can as well be an individual, a group of people or an organization. Spouses, children, siblings or relatives are the most common candidates of trusts.Setting up the Fund There are prerequisites to setting up of Trusts Venice. A document has to be drafted clearly, outlining the beneficiaries, the trustees, as well as the rights and mandate of the latter. This document is prepared in accordance with the wishes of the grantor. The assets can then be transferred to the fund. Transfer fees and taxes are assessed and are also calculated and levied on the assets transferred to the fund. There are two major criteria followed in setting up of trusts: After-Death Trusts Venice: As the name depicts, this trust comes into existence after the death of the grantor who leaves a written will. Its main purpose is to ensure the beneficiaries are aptly catered for in the absence of the grantor.Living Trusts Venice: A living trust is obviously intended to cater for the beneficiaries even as the grantor continues to live. They can be revocable or irrevocable. In case of revocable...