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Learn the meaning of trust as a verb, noun, and legal arrangement in English. Find out how to use trust in different contexts and expressions with examples from the Cambridge Dictionary.
- What trusts are for
- What the settlor does
- What trustees do
- Beneficiaries
- If you need help
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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
•to pass on assets while you’re still alive
•to pass on assets when you die (a ‘will trust’)
The settlor decides how the assets in a trust should be used - this is usually set out in a document called the ‘trust deed’.
Sometimes the settlor can also benefit from the assets in a trust - this is called a ‘settlor-interested’ trust and has special tax rules. Find out more by reading the information on different types of trust.
The trustees are the legal owners of the assets held in a trust. Their role is to:
•deal with the assets according to the settlor’s wishes, as set out in the trust deed or their will
•manage the trust on a day-to-day basis and pay any tax due
•decide how to invest or use the trust’s assets
There might be more than one beneficiary, like a whole family or defined group of people. They may benefit from:
•the income of a trust only, for example from renting out a house held in a trust
•the capital only, for example getting shares held in a trust when they reach a certain age
•both the income and capital of the trust
Contact a legal adviser or tax adviser. They can also talk to HM Revenue and Customs (HMRC) on your behalf if you give them permission.
You can also get help from the Society of Trust and Estate Practitioners.
Learn about different types of trusts and how they are taxed in the UK. Find out the roles of settlors, trustees and beneficiaries, and when to register a trust.
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