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What is a trust and why make one?
A trust is an arrangement enforceable in the courts whereby the person creating the trust (the settlor) hands over control of assets either during their lifetime or on their death to others (the trustees) who administer the trust for the benefit of certain defined individuals (the beneficiaries).
Examples of common uses of trusts include:
- protection of assets for future generations
- tax planning
- protection of vulnerable people including personal injury trusts