A trust is a legal arrangement designed to look after assets for a specific beneficiary or group of beneficiaries until a certain time when they can receive them. Assets in trust will still generate income which may have tax consequences for the trustees, whose role is to manage the trust.
You can hold any type of asset in a trust such as money, stocks and shares, land, property, valuable family heirlooms, and even life insurance. Assets can be put into trust during your lifetime or you can specify in your will that an asset is to be transferred into a trust when you die. This adds a layer of protection for your assets and wealth which can make the succession planning process easier and more effective.