Trust and estate planning is about making sure your wishes are followed and minimising the amount of taxes due on your estate after you die. Putting your savings, investments, life policies or assets into a trust can play an important part in estate planning.
When you set up a trust you will choose one or more trustee to be responsible for the assets. You will also choose one or more beneficiaries who will receive the assets at a time specified by you. Setting up a trust can ensure that, for example, your estate is passed to the right people at the right time.
A trustee takes responsibility for money that has been set aside in a trust for someone else, managing the money on their behalf to use only in their best interests whilst obeying the rules of the trust.