A trust in its simplest form is a legal device whereby money, or other assets, such as a house, for example, is owned by one person but under a legal obligation to use it for the benefit of somebody else.
Typical examples might be where somebody holds funds on trust for children or grandchildren, or for an elderly infirm or disabled relative.
Trusts are also regularly used in situations where tax avoidance is an issue. Most people prefer to pay less tax than more and trusts are sometimes used as a way of achieving that end.
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