A trust is set up when a person (called the settlor) puts their assets into a trust. This is done through a legal document called a trust deed, which explains how the trust works, what it is for, and who will benefit from it. 

The deed also names the trustees, who are responsible for managing the assets. Trustees make decisions such as investing the assets and paying them out, always following the rules set out in the deed. 

The beneficiaries are the people who ultimately benefit from the trust and are entitled to the assets according to the terms of the deed.

Trusts let a settlor decide how and when their assets are passed on, both while they are alive and after they die.

People often use trusts for several reasons, including:

• Avoiding probate: Assets held in a trust can pass straight to beneficiaries without going through probate.
• Certainty and privacy: A trust clearly records the settlor’s wishes and stays private, unlike a will which becomes public.
• Protecting children or vulnerable people: Trustees look after the assets until beneficiaries are ready to manage them themselves.
• Charitable giving: Trusts can be used to manage regular or long‑term charitable donations.
• Succession planning: Trusts are useful for passing on family businesses or managing assets over the long term.

There are several different types of trusts, each designed for different needs and situations. Common examples include;

• Bare trusts
• Discretionary trusts, 
• Interest in possession trusts, 
• Charitable trusts
• Trusts created through a will. 

Each type sets out different rules about who benefits, when assets are shared, and how much control trustees have. Because not all trusts are treated the same by every organisation, it’s important to understand which ones are accepted.

Types of trust we accept