A Trust is an arrangement for the holding and administration of property under which property or legal rights are vested by the owner of the property (the Settlor) in a person or persons (the Trustees). The Trustees then hold the property for or on behalf of other persons (the Beneficiaries). A trust, governed by the Trust Act 2001, is a legal structure whereby a settlor transfers his assets to the trustees, to hold for the benefit of beneficiaries, as per the terms of a trust deed. There are many types of trusts and many purposes for their creation.

The major uses of trusts are:

  • Succession and estate planning
  • Accumulation and preservation of wealth
  • International tax planning
  • Charitable purposes
  • Asset protection