A trust is a property that is subject to obligations owed by the property’s owner (the trustee) to the beneficiary or beneficiaries for who the property is held. A trust itself has no legal personality, it is the trustee that acts personally for the benefit of the trust’s beneficiaries. This means a trustee is liable for the trustee’s actions as if those actions were on the trustee’s own account.
Among other benefits, trusts are designed to protect you from an adverse event, if and when it happens. They may never happen and if they do, the effects may or may not be major. But if its major, it can be devastating to you, your family, your life, your assets, cashflow and happiness. You can think about having a trust as like buying insurance, to safeguard your financial assets.