A trust, which may also be referred to as a Settlement, is an arrangement whereby legal ownership of property is controlled by one party, the Trustees, to use or apply that property and the income from it, for another person or persons, the Beneficiaries or for a specific purpose.

Although the trustees own the trust assets in the sense that they have legal title to them, the trustees can take no beneficial interest from those assets, they cannot make a profit out of those assets for themselves and trust assets are not (at any rate in common law jurisdictions) open to attack by the personal creditors of a trustee.

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