A Trust involves three groups of people:
- The “Truster” – this is the person who is setting up the Trust;
- The “Trustees”- these are the people who are responsible for administering the Trust for the benefit of the Beneficiaries;
- The “Beneficiaries” – these are the people who are entitled to benefit from the Trust.
An individual can be in more than one group within the Trust. For example, a person could set up a Trust and also be appointed as a Trustee.
Once the Trust has been set up, assets can be transferred into the Trust. These assets are then held by the Trustees, who administer the Trust for the benefit of the Beneficiaries.
A Trust can be set up during the lifetime of the Truster or can be set up after death (e.g. in a Will).