A Trust is a legal concept where Trustees hold assets for Beneficiaries. This may be because the Beneficiary is vulnerable and the funds need to be protected from financial abuse, or the Beneficiary is unable to manage the funds personally. Other uses include ensuring that funds remain in the family in the event that a widow or widower remarries, or to hold funds from life insurance policies. A trust can be considered to be a legal person, so they can own assets in the same way a person can, for example, a house. So, if you wanted to set up a trust, you could give the house to the trust, which is like a person, and set rules for the trust as to how they deal with the house, so they can make sure that it goes to a particular group of people that you wish.
