A Trust is basically a separate entity created to hold ownership of an asset or assets, or a way of holding assets for an individual until they can take possession of them themselves. You place the assets under the control of trusted people (called the Trustees), who hold the asset on the terms of the Trust that you create for the benefit of the person or people you name as potentially benefitting from the asset or fund (the Beneficiaries).
The time that most people encounter trust funds is when adults are holding money for children until they become adults themselves. However, a Trust can be an incredibly useful legal tool to assist with all manner of situations such as inheritance tax planning, asset control (both during lifetime and after death) and passing assets (such as a property) to an individual subject to conditions.
If you are considering setting up a Trust for any purpose, or would like to know how a Trust could be of use to you, or alternatively if you are already involved in a Trust (either as a Trustee or a Beneficiary) and would like some advice about an aspect of the Trust or problem that you may have, please give us a call and we will be delighted to assist.