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A trust is a legal arrangement where one or more 'trustees' are made legally responsible for holding assets. The assets - such as land, money, buildings, shares or even antiques - are placed in trust for the benefit of one or more 'beneficiaries'
The trustees are responsible for managing the trust and carrying out the wishes of the person who has put the assets into trust (the 'settlor'). The settlor's wishes for the trust are usually written in their will or set out in a legal document called 'the trust deed.'
Trusts may be set up for a number of reasons, for example:
• to control and protect family assets
• when someone is too young to handle their affairs
• when someone can't handle their affairs because they are incapacitated
• to pass on money or property while you are still alive
• to pass on money or assets when you die under the terms of your will - known as a 'will trust'
• under the rules of inheritance that apply when someone dies without leaving a valid will (England and Wales only)
There are many types of trust that can be used in tax planning.
The value of investments, and the income from them, can fall as well as rise, and you may not get back the full amount you invest.
Trusts are not regulated by the Financial Conduct Authority.
