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A Trust is that agreement which is entered when the person establishing the Trust - the Settlor - transfers his assets, or a part of them, to an independent third party asset controller - the Trustee - on the understanding that following the agreement, the assets will legally belong to the Trustee, and the Trustee will manage the assets, while the Beneficiary or Beneficiaries will continue to enjoy the profits earned by the assets. They also appoint, or can appoint, a so-called Protector who provides the Trustee with advice and instructions if the Settlor is prevented from doing so.

The institution of the Trust in the United Kingdom has a tradition dating back some 1000 years. It was developed in the Middle Ages, at the time of the Crusades, when the king summoned his lieges, who, obedient to the wishes of their sovereign, followed him to the Holy Land. Their wealth and assets, however, remained in England, albeit now unmanaged and unsupervised. And, in the Middle Ages, this wealth usually meant physically enormous assets, which required daily management and handling. In many cases, the management and protection of assets could not be entrusted to family members (disputes between brothers, a young and inexperienced spouse, etc.), so the asset-holder was forced to look for a person who could fulfil the role until he returned and took charge once more of his affairs. The institution and tradition of the Trust continued to thrive and develop over the centuries, and, in particular, during the Victorian era. There was always some kind of assets which required management, and thus there were always entrepreneurs ready to take on the role. All of this, of course, could not escape the notice of the legislators, and laws related to Trusts were introduced not only in England, but in numerous countries which adopted English law, such as the USA and Australia, as well as the countries of the former British empire and the territories which even today fall under the jurisdiction of the United Kingdom, though have independent legislation (Isle of Man, Gibraltar, British Virgin Islands etc.).

The principle of the Trust has remained unchanged throughout the centuries. At most, it is legislation and the enormous number of cases relating to lawsuits that have turned the thousand year-old institution into one of the most refined tools in asset planning.