A trust is an obligation which binds a person (your trustee) to deal with your assets in a certain way for the benefit of your chosen beneficiaries.
Your trustees are legally bound to look after the property in the trusts in a particular way and for a particular purpose.
The benefits of using trusts mean you can protect your assets for your chosen beneficiaries in the future.
Trusts can be incorporated into your wills or can be stand-alone trusts such as Pension Trusts or Life Assurance Trusts.
Trusts have many benefits, including protection from re-marriage after death, creditors or bankruptcy claims, divorce, generational inheritance tax, means tested benefits and care costs.
A common misconception about Trusts is that once assets are in Trust, you can’t benefit from the assets anymore. You can be a Trustee and can continue to manage and benefit from the asset in your lifetime.