Trust
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Definition: A legal arrangement separating who owns an asset (trustees) from who benefits from it (beneficiaries). Used to protect children, vulnerable adults and family wealth.
Common UK trust types: bare trusts (beneficiary has an absolute right at 18), interest-in-possession trusts (life tenant gets income for life), discretionary trusts (trustees choose who gets what).
Most express UK trusts must register on HMRC's Trust Registration Service (TRS), including non-taxable trusts created after 6 October 2020. Some life policies in trust and pension trusts are excluded.
Primary source: gov.uk/trusts-taxes