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Trusts are common law instruments under which the settlor transfers legal title to the assets to the trustee on specified terms, who holds the assets for the benefit of the beneficiaries, who in turn hold equitable title to the assets. In short, the trustees receive assets from the settlor, and are required to distribute them to the beneficiaries as provided for in the trust.

Trusts can be revocable, which means the settlor preserves the power to revoke and terminate the trust, or they can be irrevocable, where the Settlor has no power to revoke or terminate the trust. In addition trusts distributions can be at the discretion of the trustees, or fixed interest where the distributive scheme is established in the trust instrument. 

Trusts can hold any type of assets, including financial assets held through bank accounts, real estate, yachts and aircraft, operating companies, etc.

Trusts are typically set-up for succession planning, tax planning, and asset protection.

Depending on the jurisdiction of tax residence of the settlor, and the characteristics of the trust, the trust may allow the deferral of taxation on undistributed trust income, and it may also allow wealth tax to be avoided. 

CISA Trust: