Also known as a Bare Trust, an Absolute Trust is created by means of a gift, where the beneficiaries are named at outset and cannot be changed at any time in the future. When a beneficiary reaches the age of majority (which is 18 in England and Wales but will depend upon the jurisdiction) they can demand their rights under the trust.
Read a case study as to why you would choose an Absolute Trust.
Absolute Trust with a protection policy
A protection policy can be written on an own life or joint life second death basis to cover the Inheritance Tax bill on the estate. The policy can then be placed under trust, where the Settlor is excluded from benefiting so that the sum assured can be used by the beneficiaries to cover tax owed and release the estate.
Access the Literature Library for forms to set up a trust.
Visit the Trustability Hub for useful support materials about trusts.