The creation of a Trust relies upon the transfer of legal ownership of a person's assets to the control of a Trustee(s), who will then manage the assets for the ultimate benefit of the chosen Beneficiaries.
The person creating a Trust is known as the Settlor. To create a Trust, a Settlor transfers legal title of specific assets (which then form the Trust Fund) to the Trustee(s), who must then hold and manage the assets in accordance with the terms of the Trust (set out in the 'Trust Deed') and the special duties imposed by law. Only the named Beneficiaries can benefit from income or ultimate ownership of the Trust assets.