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Setting Up A Trust Fund Once you have a plan for retirement, setting up a Trust fund could be an excellent way to protect the wealth you leave behind. Your retirement plan should ensure the withdrawals you make from your investment strategy continue to rise whilst still being able to leave a substantial sum behind for those you love. Once your retirement plan is sorted you can move onto the next phase, wealth preservation and protection. A Trust has its own legal identity. It’s a bit like a mini business. There will be a settlor, the person or people who create the Trust, usually you and your partner. Trustees, the people who manage the Trust. A bit like the Directors of a company. Finally, the beneficiaries, who the Trust is ultimately for. A person could fulfil multiple roles e.g. be a Trustee and a beneficiary. The Trustees need to manage the Trust on behalf of the beneficiaries and will need to meet regularly and record minutes of their meetings. The Trust itself may need to be registered with HM Revenue and Customs and may have to complete a tax return each year. Trusts are usually set up to take over ownership of assets, this could include things like: Property. Cash. Investments.