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Types of Trusts

Trusts are protective in their nature, to protect either the assets held within the trust, or the person for whom the trust is created (the beneficiary).  For example, trusts could be set up to provide for the education of grandchildren, or to look after a disabled relative.

Whatever the purpose, the types of trust broadly fit into one of these categories:

  1. Discretionary Trusts: There is a class of beneficiary, and the Trustees decide who receives benefit from the Trust
  2. Interest in Possession Trusts: These trusts have a “life tenant”, who is entitled to enjoy the benefit of the Trust property before it ultimately passes to another person.  For example, there may be an entitlement to occupy a property for life.
  3. Bare Trusts: These are basically a nominee arrangement.  The Trustee holds legal title for a beneficiary, who can call for the property to be transferred to them outright at any point
  4. Charitable Trusts: These are trusts set up for a particular charitable purpose rather than for any specific beneficiary.


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