A trust is a legal way to hold assets (money, property and possessions) for the benefit of others without giving them immediate control over it.
It is an agreement between three parties; the ‘trustmaker’ (technically known as the ‘settlor’), the trustee and the beneficiaries. The settlor transfers ownership of certain assets into the trust, and the trustee(s) manage the assets on behalf of the beneficiaries.
A trust allows you to control bequests to your beneficiaries in terms of who receives what, and when, and is an extremely effective tool for managing inheritance tax.
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