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WHAT IS A TRUST?

A trust is a legal relationship whereby a person (known as the Settlor) gives property to another (the trustee) to hold assets such as property, shares or cash (the trust fund) for the benefit of someone else or a group of people (the beneficiary or beneficiaries). The details are set out in a document (the Trust Instrument), which could be a Will or a Trust Deed. A Trust can take effect during the lifetime of the Settlor or shortly after the death of the Settlor.