Chapter 8

Trusts

It is better to have a permanent income than to be fascinating.

—Oscar Wilde

The subject of trusts is a massive one. A fellow named Austin Wakeman Scott Jr. first published his monumental Scott on Trusts in 1939. Last we looked (it was a long time ago) the reference work ran to some 12 volumes—6,837 pages!—of small print. In this chapter I will only touch on some of the main points investors will want to consider as they establish and manage their trusts.¹