Simply put, a trust is a way for an owner of an asset to distribute this for the benefit of another person or persons.
A trust can be used to
- put aside assets for a specific purpose (eg. to fund maintenance of a child under 18)
- protect assets from being "squandered"
- provide for future generations
- protect vulnerable or incapacitated members of your family
There are several types that come into consideration when drawing up your will to achieve the above aims.