Trust
A legal arrangement where one person (the trustee) holds assets for the benefit of another (the beneficiary).
Trusts separate ownership from benefit. The trustees own the assets in law; the beneficiaries are entitled to benefit from them under the trust's terms.
Trusts are used in estate planning to protect assets for vulnerable beneficiaries, ring-fence money for grandchildren, reduce Inheritance Tax exposure, or keep wealth in the family across generations. Different trusts do different things.
Most express trusts must be registered with HMRC's Trust Registration Service.