Jurisdiction(s):
United Kingdom

Key definition

Trust corporation definition

What does Trust corporation mean? A trust corporation is a corporate body that acts as trustee of a trust, often used where professional or institutional trusteeship is required, including as a custodian trustee holding legal title while day‑to‑day management is carried out by others. In England and Wales and in Northern Ireland, trust corporation is a statutory term (for example, under the Trustee Act 1925 and related legislation). It includes the public trustee and any corporation either appointed by the court in a particular case to be a trustee or entitled, under rules made under the Public Trustee Act 1906, to act as...

Client guide: lifetime discretionary trusts - what they are, when to use them, how to set them up, trustees, letters of wishes, administration and key tax implications

Published by a LexisNexis Private Client expert

Precedents

This note offers general guidance on setting up a lifetime discretionary trust. It does not explore the tax implications in any depth. Your specialist Private Client practitioner will be able to deliver tailored advice based on the circumstances of your case.

What is a trust?

A trust arises when assets are transferred to trustees (who might be individuals or a trust corporation) to hold and manage for the benefit of specified individuals, called the beneficiaries.

The parties are:

the settlor — the person who transfers the assets to the trustees
the trustees — the persons (or a trust company) who receive the assets from the settlor and must look after the trust assets for the benefit of the beneficiaries
the beneficiaries — the persons who enjoy the benefit of the trust

There are different types of trusts. Three main types of trusts are:

bare trusts — typically used to hold assets for minors until they reach 18 years of age. The assets belong to the beneficiary, and a beneficiary who is an adult with mental capacity can bring the trust to an end at any time by requiring the assets to be transferred to them.
interest in possession...

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Web page updated on 22/05/2026

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