Trusts have been around for a few years. Apparently, in medieval times,
knights put their assets in the hands of a trusted old soul who would
ensure that the knight's family was looked after should he come second
in a sword fight on his latest tour of duty.
Today, family trusts are formed by people in far less dangerous occupations,
but the concept is the same. You (the settlor) give your assets (through
a process of gifting) to a trust. The assets are no longer owned by
you. Instead, they are now held in trust, by your trustees, for the
benefit of the beneficiaries of the trust.
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