What is a Trusts?
A trust is a way of managing assets (money, investments, land or buildings) for people. There are different types of trusts and they are taxed differently.
Trusts involve:
- the ‘settlor’ - the person who puts assets into a trust
- the ‘trustee’ - the person who manages the trust
- the ‘beneficiary’ - the person who benefits from the trust
Trusts are set up for a number of reasons, including:
- to control and protect family assets
- when someone’s too young to handle their affairs
- when someone cannot handle their affairs because they’re incapacitated