What is a trust?
A trust is set up by a settlor and looked after and administered by trustees on behalf of the beneficiaries. It has a separate legal identity. A key feature of a trust is that neither the husband or wife, owns the assets of the trust in the way that they legally own their house, car or savings. Trustees have a duty to look after the interests of the beneficiaries so requests for capital or income may be refused if this unfairly prejudices the interests of the others.