A trust is a legal entity where a person/persons or company holds property in trust beneficially for others. There are several different forms of trust e.g. family discretionary trusts and unit trusts. Specific details can be obtained from your accountant, legal or other professional advisor. Click here to link to Mellor Olsson's website.
A way of holding money, property, or other assets that protects them from taxes, keeps property out of probate, and gives a measure of control over assets.
Trusts are used in many ways but particularly so where the policy is taken out to provide family protection or inheritance tax funding. Where the life policy is set up under trust the proceeds the proceeds are paid to trustees who then pass on to the beneficiaries in accordance with the terms of the trust deed.