WHAT IS A TRUST?
A Trust is a vehicle used in an individual's financial planning whereby the person setting up the Trust (the 'Settlor') transfers the legal title of any interest he might have in any property to named Trustees.
The Trust is created in the form of a legal document called the Trust Deed. The Trustees are required to hold the property in accordance with any obligations imposed by the terms of the Deed, and in particular to administer the property for the benefit of such persons (the 'Beneficiaries') as are named in the Trust Deed.
A Beneficiary has recourse in law to compel the Trustees to act in accordance with the terms set out in the Trust Deed.
DISCRETIONARY TRUSTS
