A trust is a more complex form of business structure where a trustee is appointed to hold the trust assets for the benefit of the beneficiaries under the trust. The trustee satisfies the liabilities incurred as trustee out of the assets of the trust. Trusts are traditionally divided into fixed trusts, unit trusts and discretionary trusts.

A trustee is subject to the requirements of trust deed and statute, and has duties at common law and under statute.

The key benefit of a trust is the flexibility afforded to the trustee in distributing profits and capital to the beneficiaries under the trust in a manner permitted under the trust deed, which can be entirely discretionary in the case of a discretionary trust. Their relative complexity, as well as higher establishment and operating costs can often act as a deterrent to their use for those persons who might prefer a more familiar business structure such as a company or a sole trader.

See Trusts.